Mortgage Loans in Forbearance Rising Rapidly What Can Servicers Do to Manage the Deluge?
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The Mortgage Bankers Association\\u2019s (MBA) in a recent release revealed that the total number of loans now in forbearance increased to 7.91% of servicers\\u2019 portfolio volume. According to MBA\\u2019s estimate, almost 4 million homeowners are now in forbearance plans.
\\nWith unemployment rising from historical lows in early 2020 to a record 14.7 percent in April, it is inevitable that mortgage delinquencies would increase as well. 33.5 million U.S. workers applied for unemployment benefits in the past seven weeks, and with signs of economic distress continuing into the second quarter, mortgage delinquencies will likely further increase. With it, the forbearance numbers as well will continue to rise. Continue reading...
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