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Update on GSE Pool-level Forbearance data

6/24/2020

 
Earlier this month we discussed the new pool-level forbearance and delinquency data released by the GSE’s[1]. At that time, we noted that the delinquency data looked reasonable for May, but that the forbearance data fell short of other reported measures, particularly for Freddie Mac.
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Run Underlying Query
Recently it was brought to our attention that the forbearance data for both Fannie Mae and Freddie Mac are reported with a 1-month lag[2]. In addition, Freddie Mac servicers are not required to report loans in forbearance if they are current[3]. The Mortgage Bankers Association reported that the forbearance rate for the GSE’s at the end of April was 5.85%[4], quite close to the figure reported by Fannie Mae.
​
In coming months we will continue to comment on the progression of delinquencies and forbearance visible from this new data.​

[1] https://www.recursionco.com/blog/new-gse-data
[2] See http://www.freddiemac.com/mbs/docs/covid_19_investor_faqs.pdf, question 5 p. 12 and            https://www.fanniemae.com/resources/file/mbs/pdf/single-family-mbs-disclosures-faqs.pdf, questions 42-44 pp. 8-9
[3] See http://www.freddiemac.com/mbs/covid-19/covid_19_faqs.html, question 3 under “Reporting and Disclosure”
[4] https://www.mba.org/2020-press-releases/may/share-of-mortgage-loans-in-forbearance-increases-to-754

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