Some 3 million U.S. households have won at least a measure of relief on mortgage payments as efforts to squelch the coronavirus pandemic throw millions out of work and stretch household balance sheets, a survey from the Mortgage Bankers Association showed on Monday.
About 5.95% of mortgage loans were in forbearance during the survey week of April 6-12, up from 3.74% a week earlier and from just 0.25% the week of March 2, the industry lobbying group said on Monday.
“To ensure market stability during these challenging times for consumers and the entire industry, servicers need access to interim financing so that they can continue to play this critical role,” Fratantoni said. The survey covered 38.3 million loans serviced by independent mortgage companies and banks, representing about 77% of the first mortgage-servicing industry. Extrapolating the figures from the survey to the entire universe of loans suggests nearly 3 million U.S. homeowners are getting some type of forbearance on their loans.
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