Declines were seen across the board: GSE forbearance volumes fell by 39,000k (-5.3%), FHA/VA plan volumes fell by 44,000 (-4.7%) and PLS/portfolio forbearances declined by 22,000 (-3.4%). Some 73,000 plans are still listed with April 2021 expirations, suggesting opportunity may still remain in coming days for additional moderate improvements.
Furthermore, another 350,000 plans are set to be reviewed for extension/removal in May. The number of plans set to be reviewed jumps to nearly 900,000 in June, the final quarterly review before early forbearance entrants begin to reach their 18-month plan expirations later this year. As of May 4, just over 2.2 million (4.2% of) homeowners remain in COVID-19 related forbearance plans, including 2.5% of GSE, 7.4% of FHA/VA and 4.8% of portfolio/PLS loans.
