by Calculated Risk on 12/10/2021 07:05:00 PM
This data is as of December 7th.
From Andy Walden at Black Knight: Forbearance Plan Exits Drop Significantly
According to our McDash Flash daily forbearance tracking dataset, the number of active forbearance plans fell by 112,000 (-11%) this week, led by a 49,000 (-15%) drop in PLS/portfolio loans. FHA/VA plan volumes dropped 42,000 (-12%) followed by GSE (21,000/-7%). There is a modest opportunity for additional improvement in coming weeks with 33,000 loans still listed with November reviews for extension/removal (roughly half of which are expected to be reaching their final expirations).
As of December 7, 882,000 mortgage holders (1.7%) remain in COVID-19 related forbearance plans, including 1.1% of GSE, 2.6% of FHA/VA and 2.1% of portfolio/PLS.
Click on graph for larger image.
Overall, the number of forbearance plans is down by 177,000 (-17%) from the same time last month, with the potential for modest additional improvements through the end of the year. Plan starts over the past four weeks are up 24% from the preceding four-week period, driven by a more than 40% increase among FHA/VA loans (with GSEs seeing a 29% increase). This is a trend we’ll be watching closely as we round out the year.
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