Following a
quiet week in which only 19,000 homeowners exited forbearance, Black Knight
reports that the week ended November 2nd saw 85,000 departures. The typical month-end
surge marked the final expiration of many forbearance plans which have a
maximum term of 18 months. The largest declines
were in FHA and VA plans, 42,000 exited on top of 7,7 00 the previous week. There
was also a strong improvement in the number of Fannie Mae and Freddie Mac (the
GSEs) participants with 22,000 homeowners leaving the program. Servicers had
processed out 7,900 GSE loans during the week ended October 26.  Loans serviced for bank portfolios and private
label securities (PLS) saw the smallest declines both weeks, a total of 24,300
loans. At the end
of the last reporting period, Black Knight said a total of 1.14 million loans remain
in forbearance, 2.1 percent of all active mortgages. The total includes 344,000 GSE loans, 1.2 percent of those combined
portfolios, 424,000 VA and FHA loans (3.5 percent), and 369,000 portfolio/PLS
loans (2.8 percent). The loans remaining in the program represent $212 billion in
unpaid principal.

 

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