A total number of 110,000 homeowners were in forbearance plans during April, according to data from the Mortgage Bankers Association (MBA). The total number of loans in forbearance remained unchanged at 0.22% from one month earlier.
Last month, the share of Fannie Mae and Freddie Mac loans in forbearance declined 1 basis point to 0.11%. Ginnie Mae loans in forbearance dropped 1 basis point to 0.39%, and the forbearance share for portfolio loans and private-label securities stayed the same at 0.31%.
“The number of loans in forbearance has remained stagnant for the first four months of 2024,” said Marina Walsh, MBA’s vice president of industry analysis. “While forbearance is still a viable option for homeowners needing temporary mortgage payment relief, its usage has diminished without a major natural disaster or labor market downturn. Moreover, the performance of servicing portfolios and post-forbearance workouts remains strong, despite some fluctuations from month-to-month.”
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