by Calculated Risk on 10/15/2021 10:41:00 AM

Note: Both Black Knight and the MBA (Mortgage Bankers Association) are putting out weekly estimates of mortgages in forbearance.

This data is as of October 12th.

From Andy Walden at Black Knight: Another Week of Significant Forbearance Declines

As expected, we saw another significant drop in the number of active forbearances this week, as the first wave of final plan expirations continues.

According to our McDash Flash daily forbearance tracking dataset, active plans fell by another 10%, for an overall reduction of 143,000 since last Tuesday – on top of last week’s 177,000 (-11%) drop.

Once again, declines were seen across all investor classes, led by an 88,000 (-19%) plan drop among loans held in bank portfolios and private label securities. The number of homeowners in GSE and FHA/VA loans in forbearance saw matching 6% declines, for 22,000 and 33,000 reductions respectively.

As of October 12, 1.25 million mortgage holders remain in COVID-19 related forbearance plans, representing 2.4% of all active mortgages, including 1.3% of GSE, 4% of FHA/VA and 3% of portfolio held and privately securitized loans.

Click on graph for larger image.

More than 450,000 homeowners have exited their forbearance plans over the past two weeks alone. With some 47,000 September month-end expirations still left to process and another 329K scheduled for review for extension or removal in October, the potential for further, substantial declines will continue into early November.
emphasis added