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March 19, 2021

February 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 11th forbearance report, which details data received from master servicers that demonstrates the impact of these plans on our securitizations.

Read the February report.

We found that master servicers reported 1,180 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 February, there was a net increase of one loan in forbearance, with 15 loans terminating forbearance and 16 new loans in forbearance.
  • A higher percentage of the forborne loans are Small Balance Loans, at 74.7% by loan count, but 31.2% by UPB.
  • A majority of loans, 77.4% by loan count and 86.9% by UPB, whose forbearance period ended in February or earlier, are currently making payments or have fully repaid their forborne payments.
  • Of the total $7.5 billion of forborne loans, 11.2% by UPB are student housing and 12.2% 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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