January 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 tenth forbearance report, which details data received from master servicers that demonstrates the impact of these plans on our securitizations.
Read the January report.
We found that master servicers reported 1,179 forborne securitized loans, or 4.5% of our total securitized loan population. This equates to about $7.5 billion of outstanding unpaid principal balance (UPB) and represents 2.2% of our total securitized UPB. Other key findings include:
- In January, there was a net decrease of eight loans in forbearance, with 18 loans terminating forbearance and 10 new forbearance requests.
- A majority of loans, 76.4% by loan count and 80.3% by UPB, whose forbearance period ended in January 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 74.6% by loan count, but 31.0% by UPB.
- Of the total $7.5 billion of forborne loans, 11.2% by UPB are student housing and 12.0% are seniors housing facilities.
Check out these links for additional information about our forbearance relief program and its impact to our Multifamily securitizations.
- December Forbearance Report
- COVID-19 Forbearance Resources for Investors
- Forbearance Frequently Asked Questions pdf