July 30, 2021

MP Now News

Mortgage News

Non-Government Loans See Jump in Forbearances

Forbearance numbers have risen again over the past week, despite Black Knight’s weekly report said these upward moves become more frequent by the middle to the end of the month. The number of mortgages in active plans rose 16,000, or 0.73 percent.

The number of Fannie Mae and Freddie Mac forbearance loans decreased by 1,000. However, this was offset by a 2,000 increase in loans serviced for FHA and VA and a 15,000 (2.5 percent) increase in forbearance bonds on portfolioed and privately securitized mortgages.

By May 25th there was a total of 2.195 million mortgage loans remain in forbearance plans, 4.1 percent of all first mortgages are serviced. There were 682,000 GSE loans, 887,000 VA and FHA loans, and 625,000 loans serviced for bank portfolio or private label security investors.

Black Knight says 145,000 loans are expected to expire later this month, so further cuts may be made between now and early June. Another 780,000 loans are due to be considered for renewal or removal over the next month. This is the final quarterly review before the end of the 18 month plans for those homeowners who were lenient in the early days of the program.