The number of loans in forbearance experienced
the largest weekly decline since early January as servicers reviewed the hundreds
of thousands that are due to expire at the end of March. Black Knight’s weekly
report on the COVID-19 related programs noted a 16,000 loan decline in plans during
the week ended March 16. At the beginning of this month there were 1.2 million
homeowners with plans due to expire at the end of March; 620,000 of those expirations
remain. At
the end of the reporting period there were 2.59 million loans in active plans,
4.9 percent of the mortgages in servicer portfolios. Black Knight said it was
the first time since April 2020 that there were fewer than 2.6mm forborne loans. A
13,000 loan decrease in Fannie Mae and Freddie Mac loans and 8,000 in FHA and
VA portfolios were offset by a 5,000 loan increase in loans serviced for bank
portfolios and private label security investors.

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