Share of Mortgages in Forbearance Falls to 1 Percent

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As of March 31, the share of mortgages remaining in pandemic-related forbearance plans had dwindled to 1.05% of all loans, down from 1.18% at the end of February, according to the Mortgage Bankers Association (MBA).

As of the end of March, roughly 525,000 homeowners remained in forbearance plans, according to the MBA’s data.

That’s down from a peak of 4.3 million in June 2020.

The share of Fannie Mae and Freddie Mac loans in forbearance decreased 7 basis points to 0.49%.

Ginnie Mae loans in forbearance decreased 12 basis points to 1.38%, and the forbearance share for portfolio loans and private-label securities declined 28 basis points to 2.44%.

“March was another month of lower forbearance rates, and a higher share of overall loans and forbearance-related workout loans that are current,” says Marina Walsh, vice president of industry analysis for the MBA, in a statement. “It has been a remarkable recovery for many homeowners in less than two years.”

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