March 2022 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. Per guidance released in September 2021, eligible borrowers no longer have a deadline for which to submit an initial forbearance request.
This securitization forbearance report follows a quarterly release schedule and uses the most recent month of data as of March 2022 rather than summarizing findings from the three prior months. Since relatively few loans are in forbearance and only four loans have started a new forbearance agreement in the past three months, we anticipate that this will be our final forbearance report.
Report Highlights
- Master servicers on Freddie Mac securitized loans have reported 161 forborne loans totaling $1.5 billion as of March 25, 2022. This equates to 0.6% of the total Freddie Mac securitized loan population by loan count and 0.4% of the outstanding securitized unpaid principal balance (UPB).
- In March, 17 loans terminated their forbearance agreement and one new loan took forbearance. Since the December 2021 report, 86 loans terminated their forbearance and four loans entered into a new forbearance.
- The vast majority of loans, 94.4% by loan count and 92.4% by UPB, whose forbearance period ended in March 2022 or earlier, are currently making payments or have fully repaid their forborne payments.
- There are 56 forborne loans that are in special servicing (<0.1% of total securitized UPB) while 38 forborne loans are delinquent (<0.1% of total securitized UPB).
- To date, 1,418 loans have gone through or are currently in the forbearance program. A total of 1,281 loans (90.3%) terminated their forbearance, completely paid off the loan balance (including their forborne amounts) or are still in their initial or supplemental forbearance period and making their payments.
Check out these links for additional information about our forbearance relief program and its impact to our Multifamily securitizations.