July 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 16th 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 367 forborne loans totaling $2.8 billion as of July 25. This equates to 0.8% of the outstanding securitized unpaid principal balance (UPB) and 1.4% of the total Freddie Mac securitized loan population by loan count.
- In July, there was a net decrease of 446 loans in forbearance, with 450 loans terminating forbearance and four new loans in forbearance.
- Like in June, the net decrease in forborne loans was substantial. This is due to a large number of loans making their final forbearance payments in July, consistent with their forbearance agreement repayment terms.
- A high proportion of loans, 87.7% by loan count and 93.3% by UPB, whose forbearance period ended in July or earlier, are currently making payments or have fully repaid their forborne payments.
- There are 88 forborne loans that are in special servicing: 71 in SB-Deals®, 16 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.