The number of COVID-19 related
forbearances plans headed downhill at an increasing pace over the last few week
although there is no guarantee the improvement will continue. Black Knight says
there was another 4 percent decline, representing 121,000 loans, over the past
week. This brings the improvement in the number of plans since just the first
of November to 416,000 loans or 9 percent. As of November 10, there were 2.735
million loans remaining in plans. This represents 5.2 percent of the 53 million
active mortgage loans in servicer portfolios and an aggregate unpaid principal
balance of $559 billion. Of the loans still in active forbearance, 81 percent
have had their terms extended
at some point since March.

 

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