March 2021 Securitization Forbearance Report
Freddie Mac implemented a forbearance relief plan in March 2020 that allows qualifying Multifamily borrowers to defer up to three months of mortgage payments. In June 2020, we announced new supplemental relief options for qualified affected borrowers. Today, we are releasing our 12th forbearance report, which details data received from master servicers that demonstrates the impact of these plans on our securitizations.
Read the March report.
We found that master servicers reported 1,171 forborne securitized loans, or 4.5% of our total securitized loan population. This equates to about $7.4 billion of outstanding unpaid principal balance (UPB) and represents 2.2% of our total securitized UPB. Other key findings include:
- In March, there was a net decrease of nine loans in forbearance, with 11 loans terminating forbearance and two new loans in forbearance.
- A majority of loans, 76.1% by loan count and 85.7% by UPB, whose forbearance period ended in March 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 74.7% by loan count, but 31.2% by UPB.
- Of the total $7.4 billion of forborne loans, 11.3% by UPB are student housing and 12.3% are seniors housing facilities.
Check out these links for additional information about our forbearance relief program and its impact to our Multifamily securitizations.
- February Forbearance Report
- COVID-19 Forbearance Resources for Investors
- Forbearance Frequently Asked Questions pdf