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MortgagePoint » Your Trusted Source for Mortgage Banking and Servicing News 62 April 2025 J O U R N A L remaining 2.8% of borrowers are still in forbearance. Approximately 18.2% of all loans in forbearance are in a forbearance extension, while 63.0% of all loans are in the initial forbearance plan stage. Forbearance re-entries, including re-entries with extensions, make up the remaining 18.8%. In February 2025, the percentage of servicing volume with loan workouts (finished in 2020 or later) was 6.49%, which was up from 6.04% a year earlier and somewhat lower than 6.53% the month before. As a percentage of servicing portfo- lio volume (#), the total number of cur- rent (not delinquent or in foreclosure) loans serviced was 95.16% in February 2025, down 19 basis points from 95.35% the previous month (on a non-season- ally adjusted basis) and 57 basis points from 95.73% a year earlier. The five states with the highest share of loans that were current as a percent of servicing portfolio: 1. Washington 2. Idaho 3. Alaska 4. Oregon 5. Colorado The top five states with the lowest share of loans that were current as a percent of servicing portfolio: 1. Louisiana 2. Mississippi 3. Indiana 4. West Virginia 5. Alabama Additionally, the percentage of all completed loan workouts from 2020 onward that were current (repayment plans, loan deferrals/partial claims, loan modifications) rose to 66.36% in Febru- ary 2025, up 73 basis points from 65.63% the previous month and down 932 basis points from 75.68% a year earlier. TOTAL BANKRUPTCY FILINGS TICKED UP IN FEBRUARY A ccording to data from the top source of U.S. bankruptcy file data, Epiq AACER, commer- cial Chapter 11 bankruptcy filings fell 42% in February 2025, from 826 filings in February 2024 to 481 filings in Feb- ruary 2025. The associated filings of two sizable commercial Chapter 11 proceedings increased the total from last February. Additionally, because 2024 was a leap year, February 2025 had one fewer working day than the previous year. Compared to the 2,576 commercial registrations in February 2024, the total number of February commercial filings dropped by 16% to 2,152. In February 2025, small business filings—which are recorded as subchapter V elections under Chapter 11—dropped 12% to 176 from 201 the year before. "The overall filing volume trend waned in February, primarily due to fewer filing days and a typical trend of filings after tax return season," said Michael Hunter, VP of Epiq AAC- ER. "The availability and increased utilization of home equity has enabled homeowners to leverage that value to temporarily offset higher living costs. I expect a continued trend of increased filings through the spring and summer months primarily due to continued increases in living costs, debt accumu- lation, relatively f lat household income growth, and inf luences related to regulatory change."