For the moment at least, the number of
loans in forbearance are heading downhill and picking up speed. Black Knight
says the number of active plans declined by 135,000 over the past month (-5
percent), 19,000 (-0.7 percent) occurred in the last week alone. As of March
23, there were 2.57 million loans remaining in forbearance, 4.9 percent of all
active mortgages. The company says this month’s rate of decline
is the strongest since late November. Servicers have worked through 1.2 million
plans that entered the month with expirations scheduled at the end of the
month. With eight days left in the month when Black Knight compiled this week’s
data, there were still 46,000 loans to process, providing the potential for
additional improvement in the next few weeks.

 

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