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Non-Agency Loans are in Need of Forbearance Assistance Too

Posted To: MND NewsWire

A recent posting on the Urban Institute’s (UI’s) Urban Wire blog touched on six facts about the mortgage forbearance option mandated by the CARES Act for homeowners with federally backed mortgages. Some information came from weekly surveys by the Mortgage Bankers Association (MBA) and Black Knight and have been covered extensively here. These include the basis stats; 7.5 percent of all mortgages were in forbearance as of early August, a percentage that has dropped steadily from 8.9 percent in early June. The share of GSE loans in plans was 5.19 percent, Ginnie Mae (VA/FHA) loans 10.06 percent and the largest share at 10.12 percent was among loans serviced for portfolio lenders or private label securities (PLS) . That last number is significant as PLS are not covered by the CARES Act, a situation…(read more)

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