The number of loans in forbearance declined by 61,000 or 2.9 percent during the week ended June 8. Black Knight said that 2.06 million loans remain in various forbearance programs, 3.9 percent of all active mortgages.

There were significant declines among all lender programs. Loans serviced for bank portfolio or private label security (PLS) investors saw the most substantial change with 33,000 fewer loans in forbearance. Those serviced for the FHA and VA  decreased by 19,000 and for Fannie Mae and Freddie Mac (the GSEs) the decline was 9,000.

As of June 8, there were 647,000 GSE loans remaining in forbearance, 2.3 percent of those loans, along with 840,000 FHA/VA loans and 576,000 portfolio/PLS loans. The latter two numbers represent 6.9 percent and 4.4 percent of the respective portfolios.

 

 

Black Knight said, although they were still low, plan starts rose during the week, offsetting the more than 100,000 homeowners who left the program. About one-third of servicer reviews for extension or removal resulted in the latter.

About 530,000 plans are scheduled for quarterly reviews over the last three weeks. The company says what happens in early July will largely dictate the future of the program as many plans enter their final three months of forbearance protection.