Black Knight: Number of Mortgages in Forbearance Declines Slightly
by Calculated Risk on 10/29/2021 10:14:00 AM
Note: Both Black Knight and the MBA (Mortgage Bankers Association) are putting out weekly estimates of mortgages in forbearance.
This data is as of October 26th.
From Andy Walden at Black Knight: Forbearance Plan Exits Steady Ahead of Month-End Deadlines
According to our McDash Flash daily forbearance tracking dataset, the number of active forbearance plans fell 19,000 (-1.5%), with declines of 7,900 among GSE loans, 7,700 among FHA/VA mortgages and 3,300 among portfolio-held and privately securitized (PLS) mortgages. That’s modestly better than last week’s 7,300 (-0.6%) decrease.
As of October 26, 1.22 million mortgage holders remain in COVID-19 related forbearance plans. That’s 2.3% of all active mortgages, including 1.3% of GSE, 3.8% of FHA/VA and 3% of portfolio held and privately securitized loans.
Click on graph for larger image.
More than 470,000 homeowners left forbearance in the first 26 days of October, making it the largest month for exit activity in more than a year. And with more than 225,000 plans still up for review before the end of the month, including 140,000 facing final expiration, that number is likely to increase significantly in coming weeks.
Forbearance plan starts edged slightly higher this week but are still down 28% from the same time last month.