More than 200,000 homeowners have exited forbearance in the last two weeks, 123,000 during the week ended November 9. Black Knight says that there are now 1.013 million mortgage loans remaining in the COVID-19 related program, 1.9 percent of the 53 million active loans. The past week marked the first time that the forbearance population has dropped below a 2.0 percent share since the first wave of plans early in the pandemic. The remaining loans represent an aggregate unpaid balance of $188 billion. The largest reduction over the last week was in loans held in bank portfolios or private label securities (PLS). Fifty-nine thousand of those loans exited the program, a 15.9 percent decline. This leaves 310,000 portfolio/PLS loans in forbearance, 2.4 percent of those being serviced.

…(read more)

Forward this article via email:  Send a copy of this story to someone you know that may want to read it.