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January 21, 2021

December 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 ninth forbearance report, which details data received from master servicers that demonstrates the impact of these plans on our securitizations.

Read the December report.

We found that master servicers reported 1,187 forborne securitized loans, or 4.6% of our total securitized loan population. This equates to about $7.6 billion of outstanding unpaid principal balance (UPB) and represents 2.3% of our total securitized UPB. Other key findings include: 

  • In December, there was a net decrease of 24 loans in forbearance, with 43 loans terminating forbearance and 19 new forbearance requests.
  • A majority of loans, 80.7% by loan count and 83.7% by UPB, whose forbearance period ended in December 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 74.4% by loan count, but 30.9% by UPB.
  • Of the total $7.6 billion of forborne loans, 11.1% by UPB are student housing and 11.9% 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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