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Our Forbearance Data – It’s even better and simpler to use

Sometimes too much data is not good either. Over the past three months, by working with our clients, we realized our forbearance spreadsheet needed to be:

  1. simpler to read and navigate

  2. provide our forbearance estimates when no source of forbearance data is available

  3. remove any columns that were causing confusion

Our clients want to quickly look up a deal or deal/group, determine the forbearance outstanding, and know a few other stats such as how the forbearance is distributed among the delinquency buckets and our source of the data. All that data is now provided in the leftmost columns.

We believe our new version will serve our clients better, as it quickly gets you to the answer you are searching for. This month, we benefited by having complete data from Ocwen REALPortal, which allowed us to remove providing historical Ocwen data (another potential source of confusion).

Our forbearance data is valuable because some sources of forbearance data are incorrect, and Intex and Bloomberg are taking in that data as is. The differences can be quite extreme and mislead RMBS investors. Webbs Hill knows how to correct the data. There are also many deals where no source of forbearance data exists. We believe we have a decent method of calculating forbearance and we now provide those estimates in our forbearance spreadsheet.

Please keep providing feedback and questions. Anytime that you see cumulative forbearance amounts that differ from what we are reporting, email/call us. Let us investigate. We have recently seen Intex report forbearance on some deals where Deutsche Bank is the securities administrator. We don’t know where that data is coming from and we sense it might be stale data. Regardless, we have been able to prove it is wrong.

Don’t let bad data cause you to make bad trading decisions. We are here to help.

Contact us at 203-276-0672 to become a client and access all reports and attachments.

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