Posted To: MND NewsWire

There was a net decline of 1.6 percent in the number of mortgages in forbearance during the past week, a decrease of approximately 48,000 loans, as more plans that had expired at the end of January were processed out of the system. After the number of forborne loans declined by 45,000 the previous week, Black Knight had estimated there were about 47,000 more January expirations pending either removal or a three-month extension of their forbearance term. The company, in its weekly report on COVID-19 forbearances, said the expirations driving the improvements over the past two weeks are of three-month terms. The maximum 12-month period would have begun to hit at the end of March. However, earlier this week the Federal Housing Finance Agency (FHFA) announced that borrowers in Fannie Mae and Freddie…(read more)

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Source: Mortgage News Daily