Forbearances Increase For The First Time In Nine Weeks
Black Knight, LLC's McDash Flash Forbearance Tracker reported an increase in forbearance volumes for the first time in nine weeks. Despite the 20,000 weekly increase in forbearance plans, plan volumes are still 8.9% less year-over-year.
"We saw continued improvement among GSE (-9,000) and FHA/VA forbearances (-2,000), but these decreases were more than offset by an increase of 31,000 forbearance plans among portfolio-held and privately securitized mortgages," according to Andy Whalen's report.
Additionally, the reporter showed that 200,000 plans are still set to expire in April. With the end of the month just days away, Black Knight revealed there is still an opportunity for additional improvement in late April/early May. As of April 27, there are 2.33 million (4.4% of) homeowners 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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