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Forbearances Tick Up for First Time in 9 Weeks: Black Knight

After seeing weekly declines for two months straight, the number of homeowners in active forbearance rose for the first time in nine weeks, according to data from Black Knight.

Black Knight 100x100This week saw a 20,000 net increase. Despite the uptick, plan volumes are down 228,000 (-8.9%) from the same time last month. Continued improvement among GSE (-9,000) and FHA/VA forbearances (-2,000) was more than offset by a 31,000 increase in plans among portfolio held and privately securitized mortgages.

More than 240,000 plans are still set to expire in April with less than a week remaining in the month, which leaves opportunity for additional improvement in late April/early May. Both inflow and exit activity fell this month with exits hitting their lowest weekly total since late February. As of April 27, 2.33 million (4.4% of) homeowners are in COVID-19-related forbearance plans, including 2.6% of GSE, 7.8% of FHA/VA and 5% of Portfolio/PLS loans.

 

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