Mortgage relief requests have skyrocketed as homeowners feel the impact of COVID-19
According to Mike Fratantoni, MBA’s senior vice president and chief economist, the requests are hitting independent mortgage bank servicers the hardest. Among loans serviced by these organizations, 3.45% are now in forbearance.
An 8-K filing from service Ocwen also shows significant forbearance volume. As of March 31, the company has issued 27,500 forbearances. Call center and online search data certainly supports his prediction. According to MBA’s latest call volume survey, servicers are seeing more calls than ever.
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