New survey findings released by MBA this week highlight the unprecedented, widespread mortgage forbearance already requested by borrowers affected by the spread of the coronavirus (COVID-19).
According to MBA’s Forbearance and Call Volume Survey, the total number of loans in forbearance grew from 0.25% to 2.66% among companies that provided data for the entire period from March 2 to April 1, 2020. Mortgages backed by Ginnie Mae saw the largest growth, escalating from 0.19% to 4.25%.
The results reflect an increase in the number of forbearance requests from borrowers since the onset of COVID-19 and the passage of the CARES Act. Forbearance requests grew by 1,270% between the weeks of March 2 through March 16, and another 1,896% between the weeks of March 16 through March 30.
The survey, initiated the week of April 1, 2020, covers data on 22.4 million loans serviced as of April 1 and represents almost 45 percent of the first mortgage servicing market. Going forward, the survey will follow a Monday through Sunday cadence; the next cycle’s results will reflect data through April 5. To participate in this weekly survey, please contact MBA Research.
Source: MBA’s Forbearance and Call Volume Survey
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