Forbearances rose slightly again as late-month new plans and restarts offset early-month exits, according to Black Knight’s blog, Vision. Overall, forbearances rose by 3,700. Forborne loans held by portfolios and PSLs increased by 5,300 (2.1%). FHA/VA loans remained unchanged, while GSE plans fell by 1,800 (0.8%). New plan starts dropped to 10,100, the lowest level in four months. Restarts fell by 11,500 to 20,200. Plan volume is down 40,000 (-5.1%) month-over-month. Forbearance volumes have ticked up some after long periods of decline, but are generally improving as the country recovers from the pandemic. The number of homeowners with existing loan workouts who were current on their payments rose in February for the first time since June 2021. “We can credit…
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…
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…
