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More Than a Million Forbearances Already

Posted To: MND NewsWire

The Mortgage Bankers Association (MBA) says the surge in unemployment claims filed since mid-March resulting from the mitigation efforts to slow the spread of COVID-19 are straining household budgets. Mortgage servicers are continuing to field hundreds of calls from these homeowners who are seeking temporary forbearance from their mortgage payments. MBA says its latest Forbearance and Call Volume Survey shows that the percentage of loans that have been granted forbearance jumped to 3.74 percent of all mortgages (which would put the number just over the 1 million mark assuming 26.9 million total first mortgages) during the week of March 30 to April 5, 2020 from 2.73 percent the week before. During the week of March 2, before the extent of the pandemic became clear, only 0.25 percent of mortgages…(read more)

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