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Forbearance Rate Slips Toward March 2020 Level

The share of home mortgages whose borrowers have received a temporary pause on their payments due to financial distress has inched closer to its levels before the COVID-19 pandemic. So reports DSNews.

MBAAccording to a monthly survey by the Mortgage Bankers Association, the total number of U.S. loans in forbearance as a share of servicers’ portfolio volume was 0.33% as of August 31, down from 0.39% at the end of July.

“The forbearance rate is just eight basis points shy of where it was at the beginning of March 2020, which indicates that most homeowners have recovered from the pandemic," Marina Walsh, MBA’s vice president of industry analysis, said in a statement.

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