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Forbearances Drift Lower for Second Week in a Row

Posted To: MND NewsWire

The number of homeowners with mortgages in forbearance has fallen for the second consecutive week. Black Knight reports that, as of June 9, there were 4.66 million active COVID-19 related forbearance plans. This is 77,000 fewer than the previous week and down by 112,000 homeowners at the May 22 peak. The current number represents $1,03 billion in unpaid principal balances. Servicers now hav e 8.8 percent of their total portfolios in plans, down from 8.9 percent the previous week. This breaks down to 7.0 percent of all Fannie Mae and Freddie Mac (GSE) guaranteed mortgages and 12.2 percent of FHA/VA loans. Loans serviced for the GSEs saw the greatest reduction , with plans declining by 47,000 week-over-week to 1.95 million loans with an unpaid balance of $411 billion. The number of FHA/VA loans…(read more)

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