The number of mortgages in forbearance saw its largest
reduction in 12 months last week. Black Knight said 177,000 loans exited the
program, many of them having reached the end of the 18 months of reduced or
suspended payments allowed for those financially impacted by the COVID-19 pandemic.
This is an 11 percent reduction in program participants during the week ended October
5. The company estimates about 180,000 additional plans
with September 30 expirations await quarterly reviews as servicers work through
the processing of large volumes of loans. Another 420,000 loans are scheduled
for extension or removal in October. Many of these half-million loans will be reaching
the end of allowable participation and will not be renewed.

 

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