June 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 15th forbearance report, which details data received from master servicers that demonstrates the impact of these plans on our securitizations.
Master servicers on Freddie Mac securitized loans have reported 813 forborne loans totaling $5.4 billion as of June 25. This equates to 1.5% of the outstanding securitized unpaid principal balance (UPB) and 3.0% of the total Freddie Mac securitized loan population by loan count.
- In June, there was a net decrease of 333 loans in forbearance, with 334 loans terminating forbearance and one new loan in forbearance.
- The net decrease in forborne loans is substantially higher than it has been prior months due to a large number of loans making their final forbearance payments in June, consistent with their forbearance agreement repayment terms.
- A high proportion of loans, 86.9% by loan count and 92.1% by UPB, whose forbearance period ended in June or earlier, are currently making payments or have fully repaid their forborne payments.
- There are 93 forborne loans that are in special servicing: 75 in SB-Deals®, 17 in K-Deals® and one in a Q-DealSM.
Check out these links for additional information about our forbearance relief program and its impact to our Multifamily securitizations.