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The MBA reported that Fannie Mae and Freddie Mac’s deferred loans declined four basis points to 2.05%, while Ginnie Mae’s outstanding loans declined seven basis points to 5.15%. The termination rate for portfolio loans and private label securities (PLS) fell 35 basis points to 7.98%. The share of deferred loans to servicing independent mortgage banks (IMB) fell by 16 basis points to 4.05%, while the percentage of deferred loans to servicing depositories fell by three basis points to 4.16%.
Fratantoni noted that the number of new requests for abstinence, at four basis points, remained extremely low.
“More than 44% of borrowers who dropped out this week used a deferral plan, which underscores the importance of this option,” he said. “As more homeowners complete their abstinence period, we should continue to see the abstinence rate decline. An improving labor market and a strong housing market are supporting those who leave. “