October 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 seventh forbearance report, which details data received from master servicers that demonstrates the impact of these plans on our securitizations.
Read the October report.
We found that master servicers reported 1,215 forborne securitized loans, or 4.8% of our total securitized loan population. This equates to about $7.6 billion of outstanding unpaid principal balance (UPB) and represents 2.4% of our total securitized UPB. Other key findings include:
- In October, there was a net decrease of 10 loans in forbearance, from 27 loans terminating forbearance and 17 new forbearance requests.
- A majority of loans, 72% by loan count and 79% by UPB, whose forbearance period ended in October or earlier, are currently making payments or have made all their forborne payments.
- A higher percentage of the forborne loans are Small Balance Loans (SBL), at 75.1% by loan count, but 32.1% by UPB.
- Of the total $7.6 billion of forborne loans, 10.8% by UPB are student housing and 11.6% are seniors housing facilities.
- There are a total of 40 forborne loans with a balance of $237 million that are reported as delinquent in October.
Check out these links for additional information about our forbearance relief program and its impact to our Multifamily securitizations.
- September Forbearance Report
- COVID-19 Forbearance Resources for Investors
- Forbearance Frequently Asked Questions