Black Knight: Number of Mortgages in Forbearance Declines
Industry Update
November 12, 2021
Source: Calculated Risk
Forbearance plan exit volumes increased week-over-week heading into November as the share of mortgage loans in forbearance fell below 2% for the first time since the early stages of the pandemic.
According to our McDash Flash daily mortgage performance dataset, the number of loans in active forbearance fell 123,000 (-10.8%). The week’s strongest declines were among loans held in bank portfolios and private label securities, which recorded a reduction of 59,000 (-15.9%). FHA/VA plans also showed significant improvement, declining by 48,000 (-11.3), while GSE loans in forbearance plans decreased by 16,000 (-4.8%).
As of November 9, 1.01 million mortgage holders remain in COVID-19 related forbearance plans, representing 1.9% of all active mortgages, including 1.2% of GSE, 3.1% of FHA/VA and 2.4% of portfolio/PLS loans.
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