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The share of monthly forbearance exits in proportion to the cumulative servicing portfolio volume increased last month by one basis point to 0.11%.
The MBA combined the data for forbearance exits from June 1, 2020 through May 31, 2023 and found that:
- Almost 30% (29.6%) of forbearance exits resulted in a loan deferral or partial claim,
- Eighteen per cent (18%) represented borrowers who were continuing to make their monthly payments during the forbearance period,
- An almost equal proportion represented borrowers who did not make all their monthly payments and exited without a loss mitigation plan,
- Over 15% (16.1%) resulted in a loan modification,
- Just over 10% resulted in reinstatements, and
- Roughly 6.6% resulted in loans paid off by selling the home or a refinance.
As of May 31, the five states in the US with the highest share of current loans were Washington, Idaho, Colorado, California, and Oregon, while the five states with the lowest share of current loans were Louisiana, Mississippi, West Virginia, New York, and Indiana.
The next issue of the monthly loan monitoring survey will be published on July 17.
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