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December 22, 2020

November Securitization Forbearance Report

Freddie Mac implemented a forbearance relief plan in March that allows qualifying Multifamily borrowers to defer up to three months of mortgage payments. In June, we announced new supplemental relief options for qualified affected borrowers. Today, we are releasing our eighth forbearance report, which details data received from master servicers that demonstrates the impact of these plans on our securitizations.

Read the November report.

We found that master servicers reported 1,211 forborne securitized loans, or 4.8% of our total securitized loan population. This equates to about $7.7 billion of outstanding unpaid principal balance (UPB) and represents 2.4% of our total securitized UPB. Other key findings include:

  • In November, there was a net decrease of five loans in forbearance, with 16 loans terminating forbearance and 11 new forbearance requests.
  • A majority of loans, 80% by loan count and 84% by UPB, whose forbearance period ended in November or earlier, are currently making payments or have fully repaid their forborne payments.
  • A higher percentage of the forborne loans are Small Balance Loans (SBL), at 75.0% by loan count, but 31.6% by UPB.
  • Of the total $7.7 billion of forborne loans, 10.9% by UPB are student housing and 11.4% are seniors housing facilities.  

Check out these links for additional information about our forbearance relief program and its impact to our Multifamily securitizations.

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