Expirations Reduce Forbearance Participants by 11 Percent

Posted To: MND NewsWire

The number of mortgages in forbearance saw its l argest reduction in 12 months l ast week. Black Knight said 177,000 loans exited the program, many of them having reached the end of the 18 months of reduced or suspended payments allowed for those financially impacted by the COVID-19 pandemic. This is an 11 percent reduction in program participants during the week ended October 5. The company estimates about 180,000 additional plans with September 30 expirations await quarterly reviews as servicers work through the processing of large volumes of loans. Another 420,000 loans are scheduled for extension or removal in October. Many of these half-million loans will be reaching the end of allowable participation and will not be renewed. FHA and VA backed loans saw the largest drop over the past week…(read more)

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Expirations Reduce Forbearance Participants by 11 Percent
Expirations Reduce Forbearance Participants by 11 Percent

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