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• Total loans in forbearance decreased by 1 basis point in January 2024 relative to December 2023: from 0.23% to 0.22%.

• By investor type, the share of Ginnie Mae loans in forbearance remained the same relative to the prior month at 0.39%.

• The share of Fannie Mae and Freddie Mac loans in forbearance decreased relative to the prior month: from 0.15% to 0.13%.

• The share of other loans (e.g., portfolio and PLS loans) in forbearance increased relative to the prior month: from 0.27% to 0.28%.

• Loans in forbearance as a share of servicing portfolio volume (#) as of January 31, 2024:

• Total: 0.22% (previous month: 0.23%)

• Independent Mortgage Banks (IMBs): 0.26% (previous month: 0.27%)

• Depositories: 0.22% (previous month: 0.22%)

• By reason, 67.7% of borrowers are in forbearance for reasons such as a temporary hardship caused by job loss, death, divorce, or disability; while 19.8% of borrowers are in forbearance because of COVID-19.  Another 12.5% are in forbearance because of a natural disaster.

• By stage, 54.8% of total loans in forbearance are in the initial forbearance plan stage, while 27.7% are in a forbearance extension. The remaining 17.5% are forbearance re-entries, including re-entries with extensions.

• Of the cumulative forbearance exits for the period from July 1, 2020, through January 31, 2024, at the time of forbearance exit:

• 29.3% resulted in a loan deferral/partial claim.

• 17.7% represented borrowers who continued to make their monthly payments during their forbearance period.

• 18.6% represented borrowers who did not make all of their monthly payments and exited forbearance without a loss mitigation plan in place yet.

• 16.0% resulted in a loan modification or trial loan modification.

• 10.7% resulted in reinstatements, in which past-due amounts are paid back when exiting forbearance.

• 6.4% resulted in loans paid off through either a refinance or by selling the home.

• The remaining 1.2% resulted in repayment plans, short sales, deed-in-lieus or other reasons.

• Total loans serviced that were current (not delinquent or in foreclosure) as a percent of servicing portfolio volume (#) increased to 95.67% (on a non-seasonally adjusted basis) in January 2024, up from 95.44% in December 2023 and down from 95.86% one year ago.

• The five states with the highest share of loans that were current as a percent of servicing portfolio: Washington, Idaho, Colorado, Oregon, and Utah.

• The five states with the lowest share of loans that were current as a percent of servicing portfolio: Louisiana, Mississippi, Indiana, New York, and Illinois.

• Total completed loan workouts from 2020 and onward (repayment plans, loan deferrals/partial claims, loan modifications) that were current as a percent of total completed workouts were 74.88% in January 2024, up from 74.39% the prior month and down from 76.03% one year ago.