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Forbearances Drop 100K Over Last Two Weeks: Why Did Rates Ignore The Bad News?

Forbearances Drop 100K Over Last Two Weeks: Why Did Rates Ignore The Bad News?

Following a quiet week in which only 19,000 homeowners exited forbearance, Black Knight reports that the week ended November 2nd saw 85,000 departures. The typical month-end surge marked the final expiration of many forbearance plans which have a maximum term of 18 months. The largest declines were in FHA and VA plans , 42,000 exited on top of 7,7 00 the previous week. There was also a strong improvement in the number of Fannie Mae and Freddie Mac (the GSEs) participants with 22,000 homeowners leaving the program. Servicers had processed out 7,900 GSE loans during the week ended October 26. Loans serviced for bank portfolios and private label securities (PLS) saw the smallest declines both weeks, a total of 24,300 loans. At the end of the last reporting period, Black Knight said a total of
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