by Calculated Risk on 11/12/2021 08:29:00 AM
This data is as of November 9th.
From Andy Walden at Black Knight: Mortgage Loans in Forbearance Drop Below 2% Entering November
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.
Nearly 300,000 borrowers have left their plans over the past two weeks down from 455,000 over the same two-week period last month as we hit the downslope of exit activity. That said, more than 250,000 plans are still listed with October/November reviews for extension/removal. Half of those are expected to reach final expiration, which could lead to continued improvement, albeit at a slower pace, in the weeks ahead.
Plan entries were down 9% from a week ago, logging one of the lowest weeks in terms of new entries since the onset of the pandemic.