After dropping to a post-pandemic low, forbearance rose by 8,000 last week (1%), according to Black Knight’s blog, Vision. Forborne loans held by portfolios and PSLs drove the week with an increase of 9,000 (3.9%). It was slightly offset by FHA/VA loans in forbearance falling by 1,000 (-0.3%). GSE plans remained unchanged. Black Knight calls this a “familiar pattern,” in which the middle of the month brings an uptick in plans. They’ll even out next week. Notably, both new plan starts and restarts fell, with starts hitting their lowest weekly total since Thanksgiving. Plan volume is down 41,000 (-5%) month-over-month. The increase this week comes on the heels of a major drop in plans last week, so rates remain historically…
The number of loans in forbearance remained basically the same leading up to Thanksgiving, making up 1.9% of all active mortgages, according to Black Knight’s blog, Vision. Black Knight characterized this week as “holding true to the established mid-month pattern,” referring to a months-long trend of forbearance slowdown in the middle of the month, with substantial pushes in the first and final weeks. The number of active forbearance plans rose by 1,000. FHA/VA loans dropped by 4,000 but this was offset by an increase of 5,000 among portfolio and PLS loans. GSE loans saw no change. “Both plan extensions and renewals remained steady, but low, in keeping with the typical mid-month lull,” the blog reads. But there was one surprising…
The number of loans in forbearance stayed more or less the same as exits stalled mid-month, making up 1.9% of all active mortgages, according to Black Knight’s blog, Vision. November has hit a lull in its third week that mimics similar slowdowns in the last few months. Black Knight has characterized these declines as “expected.” The number of active forbearance plans rose 0.2% as activity hit its lowest level since mid-August. Plan volume rose by 5,000 for portfolio and PLS loans with small declines for FHA/VA (-2000) and GSEs (-1000). FHA/VAs saw an increase in new plans, pushing start volume to its highest level since October. Consumer Finance Protection Bureau (CFPB) head Rohit Chopra has zeroed in on foreclosures since…
