The mortgage industry saw a slight decline in the number of mortgage loans in forbearance in June 2023. Decreasing five basis points from the prior month of May, the share of mortgages in forbearance dropped from 0.49% to 0.44%, representing a notable improvement in overall market stability.
The decrease in mortgage forbearance signals that homeowners are beginning to make payments on their mortgages, likely indicating a steady recovery of the real estate market. It also marks a trend of declining forbearance levels that have been seen over the last several months, as efforts by the federal government and lenders have precented more defaults and foreclosures amongst borrowers.
Key Elements:
• Mortgage loans in forbearance decreased by five basis points in June 2023
• Share of mortgages in forbearance dropped from 0.49% to 0.44%
• Decrease in mortgage forbearance suggests a steady recovery of the real estate market
• Trend of declining forbearance levels in the last several months
• Efforts by the federal government and lenders have precented more defaults and foreclosures
You can read this full article at: https://www.housingwire.com/articles/the-share-of-mortgage-loans-in-forbearance-decreased-by-5-basis-points-in-june-2023-relative-to-may-2023-to-0-44-from-0-49/(subscription required)
Note Servicing Center provides professional, fully compliant loan servicing for private mortgage investors so they can avoid the aggravation of servicing their own loans and just relax and get paid. Contact us today for more information.
