Characteristics of Mortgage Borrowers During the COVID-19 Pandemic
This third COVID-19 Special Issue Brief explores the characteristics, including demographics, of mortgage borrowers in forbearance or delinquent during the COVID-19 pandemic. The report uses data from the National Mortgage Database (NMDB®), which is a random 1-in-20 sample of closed-end first-lien mortgages in the United States, as reported through March 2021. The data show that a significant share of these borrowers were minorities, lived in majority-minority tracts, and lived in relatively lower-income areas. Many of these borrowers also may be single-income households, making it more difficult for them to recover from income shocks. A significant share of borrowers also showed distress in terms of non-mortgage products.