Forbearances Continue Slow and Steady Improvement

first_img The Best Markets For Residential Property Investors 2 days ago  Print This Post Servicers Navigate the Post-Pandemic World 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Tagged with: Black Knight Forbearance Foreclosure Foreclosure Moratorium Mortgage delinquency Subscribe Sign up for DS News Daily About Author: Eric C. Peck in Daily Dose, Featured, Journal, News March 5, 2021 828 Views Forbearances Continue Slow and Steady Improvement The Week Ahead: Nearing the Forbearance Exit 2 days ago According to Black Knight’s latest forbearance data analysis, a common trend continued as the number of active forbearances fell this week, driven by month-end expiration activity.Nationwide, the number of U.S. homeowners with forbearance plans stood at approximately 2.69 million as of March 2, or 5.1% of American homeowners, falling by 22,000 from last week, and a decline of -0.8%. Of that total, FHA/VA forbearances comprised 9.2% of that share, which fell by 13,000; GSE forbearances comprised 3.2% of that total, which declined by 8,000; and portfolio/PLS forbearances accounted for 5.2% of all forbearance plans, which fell by just 1,000 this week.Black Knight recently reported that in January 2021, the national mortgage delinquency rate fell to 5.9%, a 0.9% monthly dip from December 2020’s total of 6.08%.Come early April, nearly 1.1 million homeowners with forbearance plans scheduled to expire at the end of March (just over 600,000 of that total are 12-month expirations) are set to exit their plans.Despite the weekly decline in outstanding forbearance plans, the month-over-month rate of improvement has slowed, falling from -2% to -1.3%.Recent forbearance and foreclosure moratorium extensions taken by the Biden Administration have reduced near-term risk, but may also lengthen the recovery period and a return to normalcy. Black Knight recently reported that at the current rate of improvement, 1.8 million mortgages will still be seriously delinquent at the end of June when foreclosure moratoriums on government-backed loans are currently slated to lift. Demand Propels Home Prices Upward 2 days agocenter_img Data Provider Black Knight to Acquire Top of Mind 2 days ago The Best Markets For Residential Property Investors 2 days ago Black Knight Forbearance Foreclosure Foreclosure Moratorium Mortgage delinquency 2021-03-05 Eric C. Peck Related Articles Home / Daily Dose / Forbearances Continue Slow and Steady Improvement Demand Propels Home Prices Upward 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago Previous: Residential Leasebacks: A Tool Against Future Foreclosure Crises? Next: The Rate of AVM Error in Majority-Black Neighborhoods Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Share Save Eric C. Peck has 20-plus years’ experience covering the mortgage industry, he most recently served as Editor-in-Chief for The Mortgage Press and National Mortgage Professional Magazine. Peck graduated from the New York Institute of Technology where he received his B.A. in Communication Arts/Media. After graduating, he began his professional career with Videography Magazine before landing in the mortgage space. Peck has edited three published books and has served as Copy Editor for Entrepreneur.com. last_img

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