Posted To: MND NewsWire
There was a 15,000 loan or 0.06 percent increase in the overall number of forbearances last week. Black Knight says that the gain was somewhat typical of the mid-month performance of the program , with the largest declines at the beginning of the month, tapering off as the previous month’s plan expirations are processed. Only one out of every 77 homeowners who were in forbearance at the beginning of the week had exited by the end, one of the lowest removal rates. However new plan entries hit a post-pandemic low. The company puts the current number of forborne loans at 2.69 million, 5.1 percent of the estimated 53 million active mortgages. The unpaid balance of loans in plans is $535 billion. Black Knight says that, despite the past week’s uptick, the decline over the last month held steady…(read more)
