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Share of Mortgages in Forbearance Falls to Lowest in a Year

The tally of loans in forbearance fell from 2.89% of servicers’ portfolio volume to 2.62% as of October 3, according to the Mortgage Bankers Association’s latest forbearance and call volume survey. So reports MortgageOrb.

MBAMBA estimates that 1.3 million homeowners are currently in forbearance plans.

"Many borrowers reached the expiration of their forbearance term as we entered October,” said Mike Fratantoni, MBA’s senior vice president and chief economist, in a statement. “The pace of exits climbed to the fastest pace in over a year, and the share of loans in forbearance declined at the fastest rate since last October, dropping by 27 basis points.”

Read the full article from MortgageOrb.

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