Early April exits offset two weeks of rising forbearance starts and re-starts, resulting in plan volumes dropping below 700,000 for the first time since the pandemic began, according to Black Knight’s blog, Vision. Overall, forbearances fell by 63,200 plans last week. GSE plans fell by 24,500 (-11%), followed by FHA/VA (-21,800, -8.1%) and loans held by portfolios and PSLs (-17,000, -16.7%). New plan starts still rose slightly, up to 10,300 (+200). However, last week they dropped to their lowest level in four months, so the uptick may not be cause for concern. Restarts also rose by 1,400 to 21,600. Plan volume is down 66,200 (-8.8%) month-over-month. Forbearance volumes have ticked up some after long periods of decline, but are generally…
Active forbearance plans fell by 29,000 plans (-4%) last week, according to Black Knight’s blog, Vision. Forborne loans held by portfolios and PSL dropped 22,000 (-8%), while GSE plans fell by 8,000 (-2%). FHA/VA loans in forbearance fell by 1,000 (0.4%). After falling last week, restarts once again rose while new plan starts remained the same. Plan volumes are down 18,000 (-2%) month-over-month. Black Knight notes that as many homeowners have already exited their plans, expiration activity will slow. Moderating improvement is the result of this “gradually flattening slope.” Some 150,000 plans are up for review in the coming weeks, with a third expected to expire. In a recent webinar, RealtyTrac EVP Rick Sharga and Mortgage Policy Advisors Managing Director…
Active forbearance plans fell by 45,000 plans (-5%) last week, according to Black Knight’s blog, Vision. GSE plans fell by 24,000 (-9%), while forborne loans held by portfolios and PSL dropped 12,000 (4%). FHA/VA loans in forbearance fell by 3%, or 10,000 plans. New plan starts and restarts also decreased after weeks of climbing. In a recent webinar, RealtyTrac EVP Rick Sharga and Mortgage Policy Advisors Managing Director and Five Star Global Chairman Ed Delgado predicted 2022 would look much like 2021, with low rates of new forbearance plans and serious delinquencies. “The presumption at the start of the pandemic was that there was going to be this gradual swelling of foreclosures, as forbearances expired and consumers had nowhere to…
New forbearance plans rose for the second week in a row, up by 19,000 plans (2.3%), according to Black Knight’s blog, Vision. The increase was driven primarily by a 9.6%, 9,000, jump in FHA/VA plans. Forborne loans held by portfolios and PSL also rose by 9,000 (3.3%) while GSE plans rose by 1,300 (0.5%). Black Knight noted that the increases follow a pattern of “significant plan exits followed by predictable lulls driven by new plan starts and restart activity”. “This week’s data held true to that pattern,” the post reads. This is the second consecutive week of increases after a long period of declines, though Black Knight stressed that last week’s percentages were artificially pushed up by restart activity paired…
Of single-family homeowners who entered Covid-19 related forbearance, 89% have now exited their plans. Active forbearance plans dropped by 43,000 (-8%) in the first week of January, according to Black Knight’s blog, Vision. The number of loans in forbearance fell across all categories, led by a 22,000 (-8%) drop in forborne loans held by portfolios and PSLs. Forbearances on FHA/VA loans fell by 17,000 (-16%) and GSE loans fell by 4,000 (-1.6%). The number of active plans is down 100,000 (-12%) from last month. An additional 155,000 plans are up for extension or removal in January. However, less than a third are expected to expire, meaning exit volumes will lessen moving forward. New plan starts rose again, reaching their highest…
Forbearances plan exits surged during the first week of December, according to Black Knight’s blog, Vision. Approximately 112,000 homeowners exited forbearance plans this week, a decrease of 11%. Loans held by portfolio and PSLs led the charge, seeing a drop of 49,000 (-15%). FHA/VA loans in forbearance fell by 12%, down 42,000. GSE loans saw a decrease of 21,000 or 7%. The blog notes that after this initial tidal wave, there is a “modest opportunity” for continued improvements in the next few weeks. Of the 33,000 loans still under November review for extensions or removal, about half are expected to be final expirations. However, this week also brought another onslaught of new plan starts, which jumped by nearly 8,000 the…
