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Forbearances See Largest Improvement to Date; Rates Still on a Fence

Forbearances See Largest Improvement to Date; Rates Still on a Fence

There was, as expected, a huge improvement in the number of forbearance plans during the week ended July 6. Black Knight reports that the number of homeowners in plans dropped by 189,000. This brought the total to 1.86 million, 3.5 percent of all active mortgages. This is the first time the total has dropped below 2 million since April 2020. The decline came following quarterly servicer reviews of the large volume of borrowers who entered the program at the start of the pandemic. Those early entries have reached their 15 th month of forbearance protection and, unless the program is extended, will reach final expiration in three months. At the same time, new entries and program reentries hit a new low, a total of fewer than 26,000. Black Knight says that of the 325,000 plans that were reviewed
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