FHA Forbearance Doubles in One Week; March Home Sales Fell, But Still Positive Year-Over-Year
There are now two entities tracking forbearance statistics on a regular basis, the Mortgage Bankers Association (MBA) and Black Knight. The information they are providing is critical, and we did summarize both reports last week, but covering both is probably overkill. Until one report proves to be measurably more informative than the other or we find a way to combine the information, we will probably switch back and forth between the two. This is the MBA report from its Forbearance and Call Volume Survey conducted for the April 6 to April 12 period. The number of loans in forbearance increased from an average of 3.74 percent of servicer portfolios during the March 30 to April 5 period to 5.95 percent. In contrast, only 0.25 percent of all loans were in forbearance at the beginning of March
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