There was little change in the number of active forbearance plans over the past week, but Black Knight reminds, in its regular Friday report, that this it was simply another mid-month lull as servicers finished processing the prior month's expired plans. Even so, the number of plans did decline for the seventh straight week, even if it was by a mere 1,000 loans or 0.04 percent.

There are 380,000 plans set to expire at the end of April so Black Knight says the possibility remains of further improvement over the next two weeks. Even with the minimal decline of the past week, the number of outstanding plans is still down by 296,000 (11.4 percent) over the last month.

As of April 13, there were 2.3M homeowners in COVID-19 related forbearance plans, representing 4.4 percent of all mortgage holders. There were 751,000 Fannie Mae and Freddie Mac loans in forbearance, 2.7 percent of those combined portfolios, and 951,000 (7.9 percent) of loans serviced for FHA and the VA. The 609,000 bank portfolio and private label security (PLS) loans still in forbearance account for 4.7 percent of those totals.

 

 

Black Knight said plans starts hit their highest level in three weeks, but that was primarily due to re-starts, as a portion of the nearly half million homeowners who'd left the program in recent weeks likely reached out to their servicers to reinstate their forbearance. New plan starts remain near post-pandemic lows.