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Additionally, the share of Fannie Mae and Freddie Mac loans in forbearance decreased to 2.52%, Ginnie Mae loans in forbearance are down 45 basis points to 6.33% and the forbearance share for portfolio loans and private-label securities decreased 15 basis points to 8.65%, according to the survey.
"The share of loans in forbearance decreased for the sixth straight week, dropping by 24 basis points - one of the largest decreases in the history of the series. The forbearance share also decreased significantly for all three investor categories, with the rate for Ginnie Mae loans down an impressive 45 basis points. Overall, forbearance exits increased to their fastest pace since early November," said Mike Fratantoni, MBA's senior vice president and chief economist. "Almost 32% of borrowers in forbearance extensions have now exceeded the 12-month mark. In terms of performance, more than 88% of homeowners who have exited into deferral plans, modifications, or repayment plans were current on their loans at the end of March, compared to 92% of all homeowners."
"The accelerating economic recovery in March helped more homeowners recover and become current on their mortgages, in addition to helping other homeowners with more stable financial situations exit forbearance. Homeowners who are still facing hardships and need to extend their forbearance term should contact their servicers," added Fratantoni.
In terms of weekly servicer call center volume, the percent of servicing portfolio volume calls were up to 8.5%, from 8.1% the previous week. The average speed to answer increased slightly to 1.8 minutes and the abandonment rates increased from 4.1% to 4.9%, according to the report.
Click here to read more from the MBA's Forbearance and Call Volume Survey.