More than 200,000 homeowners have exited forbearance in the last two weeks, 123,000 during the week ended November 9. Black Knight says that there are now 1.013 million mortgage loans remaining in the COVID-19 related program, 1.9 percent of the 53 million active loans. The past week marked the first time that the forbearance population has dropped below a 2.0 percent share since the first wave of plans early in the pandemic. The remaining loans represent an aggregate unpaid balance of $188 billion.

The largest reduction over the last week was in loans held in bank portfolios or private label securities (PLS). Fifty-nine thousand of those loans exited the program, a 15.9 percent decline. This leaves 310,000 portfolio/PLS loans in forbearance, 2.4 percent of those being serviced.

There were also notable declines in FHA and VA loans as well as those serviced for the GSEs Fannie Mae and Freddie Mac. The former fell by 48,000 loans or 11.3 percent while 16,000 or 4.8 percent of GSE loans left the program. This leaves 327,000 GSE and 376,000 FHA/VA loans in forbearance, 1.2 and 3.1 percent of their respective portfolios.

The company says there are more than 250,000 loans with terms that expired or will expire in October and November that have not yet been reviewed. About half of those are at the end of their final term.

New entries into forbearance declined by 9 percent from the prior week. This put the week near the bottom for new entries over the history of the program.