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60 | M REPORT SECONDARY MARKET THE LATEST O R I G I NAT I O N S E R V I C I N G DATA G O V E R N M E N T S E C O N DA R Y M A R K E T Fitch Ratings' RMBS Update A new report notes that loan modifications as a percentage of all loss mitigation alternatives increased for both bank and nonbank servicers from last quarter. B ank servicers experienced a modest decline of about 6% in active forbearance agreements as a percent- age of all loss mitigation plans while nonbank servicers reported a decline of about 10%—that's one takeaway from the Q 3 U.S. RMBS Servicer Metric Report from Fitch Ratings, which tracks servicer performance data. The report also revealed that loan modifications as a percentage of all loss mitigation alternatives increased for both bank and non- bank servicers from last quarter as some initial forbearance relief pe- riods expired, Fitch reported this quarter, adding that borrowers on a repayment plan continue to trend downward as a percentage of all loss mitigation alternatives, year over year. Fitch's report also showed a continued upward trend in hiring full-time employees that emerged in the second-quarter report. "Both bank and nonbank servicers have been staffing up in response to an increase in the volume of coronavirus-related relief requests from borrowers. However, the trend was more modest in the third quarter," the authors noted. "The report provides transparency into a variety of servicing industry trends in the bank and nonbank sectors," Fitch researchers stated. "It also allows users to view individual servicer performance trends over the most recent four quarters and compare those data metrics with those of other servicers, revealing strengths and weaknesses in servicer per- formance during this critical time in the industry."