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Forbearance Plans Increase, Many are Reinstatements

Posted To: MND NewsWire

The number of loans in COVID-19 related forbearance plans rose during the past week, driven by both an increase in new plans and significantly fewer borrowers exiting from the program. Black Knight said its weekly survey found a net increase of 31,000 mortgage loans in forbearance plans, a 1.0 percent increase. There were 33,000 plan starts. The number of starts through October 27 is 15 percent higher than in September. Many of those starts were borrowers reactivating previously expired plans and Black Knight said many of those were probably among the large number of plans extinguished earlier in the month. Brand new plans are down 7.0 percent month-over-month while reactivations are up 50 percent. The 50,000 loans that were removed from the program was the smallest of any single week since…(read more)

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