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MortgagePoint » Your Trusted Source for Mortgage Banking and Servicing News 62 June 2024 J O U R N A L ance dropped one basis point from 0.40% to 0.39%, and the forbearance share for portfolio loans and private-label securi- ties (PLS) remained the same at 0.31%. By reason, 71.1% of borrowers are in forbearance for reasons such as a temporary hardship caused by job loss, death, divorce, or disability, while 11.5% of borrowers were still in forbearance due to COVID-19-related instances. By stage, 57.3% of total loans in for- bearance in the initial forbearance plan stage, while 22.7% are in a forbearance extension. The remaining 20.0% are for- bearance reentries, including reentries with extensions. Total loans serviced that were current (not delinquent or in foreclosure) as a percentage of servicing portfolio volume (#) increased to 96.09% (on a non-season- ally adjusted basis) in April 2024, up 17 basis points from 95.92% in March 2024. The five states reporting the highest share of loans that were current as a percent of servicing portfolio: 1. Washington 2. Colorado 3. Oregon 4. California 5. Montana The five states reporting the lowest share of loans that were current as a percent of servicing portfolio: 1. Louisiana 2. Mississippi 3. Alabama 4. Indiana 5. New York COMMERCIAL, MULTIFAMILY DELINQUENCY RATES JUMPED AGAIN IN Q4 A ccording to the most recent Commercial Delinquency Re- port from the Mortgage Bankers Association (MBA), there has been an increase in commercial mortgage delin- quencies during Q4 of 2023. This comes after the commercial mortgage delinquencies increase experi- enced in Q3 of 2023, according to MBA's December survey. "Commercial mortgage delinquency rates rose again during Q4 of 2023," said Jamie Woodwell, MBA's Head of Com- mercial Real Estate Research. "Every major capital source has seen an increase over the last six months, as higher interest rates, uncertainty about property values, and challenges in some property fundamentals work their way through the markets." Based on the unpaid principal bal- ance (UPB) of loans, delinquency rates for each group at the end of Q4 of 2023 were as follows: » Banks and thrifts (90 or more days delinquent or in non-accrual): 0.94%, an increase of 0.09 percentage points from Q3 of 2023. » Life company portfolios (60 or more days delinquent): 0.36%, an increase of 0.04 percentage points from Q3 of 2023. » Fannie Mae (60 or more days de- linquent): 0.46%, a decrease of 0.08 percentage points from Q3 of 2023. » Freddie Mac (60 or more days de- linquent): 0.28%, an increase of 0.04 percentage points from the Q3 of 2023. » CMBS (30 or more days delinquent or in REO): 4.30%, an increase of 0.04 percentage points from Q3 of 2023.