The overall decline of mortgage loans in forbearance was led by Ginnie Mae loans, which dropped by 7 basis points from the previous week to 7.28% of loans in forbearance
The total share of loans in forbearance dropped to 7.67% of servicers' portfolio volume, according to data released Monday by the Mortgage Bankers Association
The amount of mortgages in forbearance declined for the fifth straight week, from 8.18% to 7.8% the week ending July 12, 2020
The program is geared toward borrowers who have good credit, but can't qualify for conventional loans due to other factors