There has been a lot of news in the mortgage industry press about Forbearance lately.
We are now at 1 year mark for the many of the initial “Defer payments for 1 year” COVID support measures. So, what are people actually doing now?
Industry commentator Brian Levy had a great article I wanted to share: https://mortgagemusings.com/f/ed-30-wheres-the-exit
In the article he lumps these exits into 4 basic categories:
1. Never used forbearance (25% of all forbearance borrowers)
2. Used forbearance, but probably didn’t need it (15% of all forbearance borrowers)
3. Probably needed forbearance and willing to pay it back if possible (35% of all borrowers)
4. Maybe needed forbearance, but aren’t paying it back… yet (25% of all forbearance borrowers)
Along with some great role-plays on how those calls probably go. Check it out: https://mortgagemusings.com/f/ed-30-wheres-the-exit