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96 The Big Finish Wrap your head around the market's leading indicators. 96 96 FORBEARANCE DATA: EXITS, RESULTS & MORE e latest Loan Monitoring Survey from the Mortgage Bankers Association (MBA) has found the total number of loans now in forbearance nationwide decreased by just four basis points, from 0.85% of servicers' portfolio volume in the prior month to 0.81% as of June 30, 2022. Approximately 405,000 homeowners in the United States remain in forbearance plans. "e overall forbearance rate in June stayed relatively flat with just a 4-basis-point decline from May," said Marina Walsh, CMB, MBA's VP of Industry Analysis. "Borrowers continue to exit forbearance but at a much slower pace than six or nine months ago. New forbearance requests are still trickling in, as permitted under the CARES Act, resulting in very little movement in the overall percentage of loans in forbearance." e Coronavirus Aid, Relief, and Economic Security (CARES) Act was passed by Congress on March 25, 2020 and signed into law on March 27, 2020, implemented a number of programs to address issues related to the onset of the COVID-19 pandemic. e Consolidated Appropriations Act continued many of these programs by adding new phases, new allocations, and new guidance to address issues related to the continuation of the COVID-19 pandemic. By stage, 29.8% of total loans in forbearance were in the initial forbearance plan stage, while 57.6% were in a forbearance extension. e remaining 12.6% were forbearance re-entries, including re-entries with extensions. OF THE CUMULATIVE FORBEARANCE EXITS FOR THE TWO-YEAR PERIOD FROM JUNE 1, 2020, THROUGH JUNE 30, 2022, AT THE TIME OF FORBEARANCE EXIT: » 29.4% RESULTED IN A LOAN DEFERRAL/PARTIAL CLAIM » 18.5% REPRESENTED BORROWERS WHO CONTINUED TO MAKE THEIR MONTHLY PAYMENTS DURING THEIR FORBEARANCE PERIOD » 17.2% REPRESENTED BORROWERS WHO DID NOT MAKE ALL THEIR MONTHLY PAYMENTS AND EXITED FORBEARANCE WITHOUT A LOSS MITIGATION PLAN IN PLACE YET » 15.8% RESULTED IN A LOAN MODIFICATION OR TRIAL LOAN MODIFICATION » 11.2% RESULTED IN REINSTATEMENTS, IN WHICH PAST-DUE AMOUNTS ARE PAID BACK WHEN EXITING FORBEARANCE » 6.7% RESULTED IN LOANS PAID OFF THROUGH EITHER A REFINANCE OR BY SELLING THE HOME » THE REMAINING 1.2% RESULTED IN REPAYMENT PLANS, SHORT SALES, DEEDS-IN-LIEU, OR OTHER REASONS Source: MBA Loan Monitoring Surve, July 2022