Mortgage Returns Dropped To Lowest Level Since Mid-February

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The latest study by the Mortgage Bankers Association, Abstinence and Call Volume, reported a slight decrease in the total number of deferred loans, which currently represents 4.16% of the portfolio of service companies as of May 30, 2021.

According to the report, the share of loans from Fannie Mae and Freddie Mac in deferral slightly decreased to 2.18%, the share of loans from Ginnie Mae also slightly decreased to 5.54%, and the share of portfolio loans and private label securities fell to 8.31%. …

Meanwhile, the percentage of deferred loans to independent servicing mortgage banks fell to 4.34%, while the percentage of deferred loans to servicing depositories fell to 4.33%.

“The proportion of loans eligible for deferral has been declining for the 14th straight week, with small cuts for most types of investors and all types of service personnel,” said Mike Fratantoni, MBA senior vice president and chief economist. “Abstinence refusals fell to 6 basis points, the lowest weekly level since mid-February, but new abstinence requests of 4 basis points were in line with the recent weekly low since early May.”

“While overall employment growth in May was lower than many expected, other data suggest a stronger labor market. This is good news for homeowners who are struggling and looking for work as more families can recover their income and start paying mortgage payments again. ”

Learn more about the share of mortgages in tolerance in the MBA’s Patience and Calls survey.

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