A Week of ‘Strong Forbearance Improvement’

first_img The Week Ahead: Nearing the Forbearance Exit 2 days ago Home / Daily Dose / A Week of ‘Strong Forbearance Improvement’  Print This Post Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Demand Propels Home Prices Upward 2 days ago After declining by 5% last week, the number of mortgage loans actively in forbearance dropped again this past week, according to Black Knight, which calls the week of November 3-10 one of “strong forbearance improvement.””The decline was seen across investor classes and was largely due to the bulk of remaining October expirations being addressed over the past seven days, with some 191,000 homeowners removed from forbearance plans since last week,” Black Knight reported.Forbearance starts dipped to 68,000, the lowest weekly total since early October. New forbearance starts, excluding restarts, marked a pandemic-era low of 31,000, Black Knight reported. Another 98,000 households extended forbearance plans during the past week.”There have been positive signs so far in November, but with 323,000 active forbearances having recently expired or set to expire in the month, improvement may be somewhat limited in the coming weeks,” the researchers said, adding that, “as of November 10, there are 2.74 million homeowners in active forbearance plans, representing approximately 5.2% of all active mortgages, down from 5.4% from last week. Together, they represent $559 billion in unpaid principal.”Percentage of loans, by type, in forbearance plans this past week:3.5% of all GSE-backed loans9.1% of all FHA/VA loans5% of loans in private-label securities or banks’ portfoliosSince last week, portfolio/PLS loans saw the largest weekly decline at -49,000 (-7.1%), while GSE forbearances fell by 45,000 (-4.3%), and FHA/VA loans saw a more modest decline of -27,000 (-2.4%).Of the 2.74 million loans still in active forbearance, 81% have had their terms extended at some point since March, the report showed.The full report, methodology, and graphics can be read on the Black Knight blog. About Author: Christina Hughes Babb November 16, 2020 1,042 Views The Best Markets For Residential Property Investors 2 days ago Sign up for DS News Daily Data Provider Black Knight to Acquire Top of Mind 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Black Knight Forbearance Weekly Report 2020-11-16 Christina Hughes Babb Demand Propels Home Prices Upward 2 days agocenter_img Servicers Navigate the Post-Pandemic World 2 days ago Christina Hughes Babb is a reporter for DS News and MReport. A graduate of Southern Methodist University, she has been a reporter, editor, and publisher in the Dallas area for more than 15 years. During her 10 years at Advocate Media and Dallas Magazine, she published thousands of articles covering local politics, real estate, development, crime, the arts, entertainment, and human interest, among other topics. She has won two national Mayborn School of Journalism Ten Spurs awards for nonfiction, and has penned pieces for Texas Monthly, Salon.com, Dallas Observer, Edible, and the Dallas Morning News, among others. A Week of ‘Strong Forbearance Improvement’ Share Save Previous: Renters or Homeowners: Who Struggles More Financially During COVID-19? Next: Agents Embrace Effort to Expand Private Flood Insurance Tagged with: Black Knight Forbearance Weekly Report The Best Markets For Residential Property Investors 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago in Daily Dose, Featured, Loss Mitigation, Market Studies, News Related Articles Subscribelast_img read more