June 8, 2023


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Non-Government Loans See Jump in Forbearances

forbearance numbers increased again over the past week although Black Knight,
in its weekly report, said these mid- to late-month upticks are becoming common.
The number of mortgages in active plans rose by 16,000 or 0.73 percent.

The number
of Fannie Mae and Freddie Mac loans in forbearance declined by 1,000 but that
was offset by an increase of 2,000 among loans serviced for FHA and the VA and
a 15,000 loan rise (2.5 percent) in forbearances among portfolio-held and
privately securitized mortgages.

As of May
25, there were a total of 2.195 million mortgage loans remaining in forbearance
plans, 4.1 percent of all first mortgages being serviced
. There were 682,000
GSE loans, 887,000 VA and FHA loans and 625,000 loans serviced for bank
portfolio or private label security investors.



Black Knight
said 145,000 loans are set to have their most recent three-month plan terms
expire at the end of this month so there may be additional reductions between
now and early June. Another 780,000 loans are due for review for extension or
removal next month. This will be the final quarterly review prior to the end of
the 18 month plans for those homeowners who entered forbearance in the early
days of the program.