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April 29, 2020

Multifamily Securitization Forbearance Report

Freddie Mac recently implemented a forbearance relief plan in response to the COVID-19 pandemic that allows qualifying multifamily borrowers to defer up to three months of mortgage payments. 

We've released a report that provides an overview of this program with April data that details our K, SB, Q and Multi PC programs. As detailed in the report, master servicers reported 336 forborne securitized loans, or roughly 1.4% of our total securitized loan population and 0.6% of the outstanding securitized unpaid principal balance (UPB).

The data in our report is sourced from our master servicers –including Freddie Mac and external servicers. The external servicers reported the forbearance requests that have been approved. Freddie Mac, as Master Servicer for 85% of the forborne loans, additionally reported loans that have requested forbearance, whether or not the request has been approved.

We found that roughly one-quarter of all securitized deals have at least one loan forborne. There is a higher percentage of forborne loans in SB-Deals®, which can partially be attributed to how Freddie Mac – the sole Master Servicer of SB-Deals – reported forborne loans not yet approved. It is worth noting that the credit quality of these loans was good leading up to the COVID-19 crisis – 87% of the loans requesting forbearance had DSCRs above 1.25x and roughly 97% of forbearance loans had a LTV of less than or equal to 80%. The report provides additional information around product types, geographical concentration and maturity year. Read the April forbearance report.

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