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Forbearances On the Rise Again: Black Knight

Black Knight noted we saw another week of increases. For example, forbearance volumes rose by another 16,000 (+0.73%) in the most recent week.

Black Knight 100x100This is only the third overall increase over the past 12 weeks.

Furthermore, after seeing improvement accelerate as early forbearance entrants went through the 12-month review process in March and April, exit activity has since returned to more “normal” levels. Mid- to late-month increases in forbearance plan volumes like those seen in the past two weeks have been very common during the recovery to-date.

Other takeaways from Black Knight's data: 

  • The 1,000 (-0.1%) weekly decline in forbearances among GSE loans was more than offset by a 2,000 (+0.2%) increase among FHA/VA loans and a 15,000 (+2.5%) increase among portfolio-held and privately securitized mortgages
  • Nearly 145,000 plans are still listed with May 2021 expirations, providing a moderate opportunity for additional improvements over the next two weeks and, more acutely, in early June
  • Another 780,000 plans are currently slated for review for extension/removal in June, the final quarterly review before early forbearance entrants begin to reach their 18-month plan expirations later this year
  • As of May 25, 2.2M (4.1% of) homeowners remain in COVID-19 related forbearance plans, including 2.4% of GSE, 7.3% of FHA/VA and 4.8% of portfolio/PLS loans.
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