Posted To: MND NewsWire

There was a sharp decline in the number of loans in forbearance during the week ended May 4. Black Knight says this has come to be the norm during the early weeks of each month. Overall forbearance volumes dropped by 105,000, a 4.5 percent improvement. The company, in its weekly report, said there are another 73,000 active plans with terms that expired at the end of April which may drive more exits in early May. There were thousands of departures of each loan type. GSE forbearance volumes were down 39,000 or 5.3 percent, 44,000 FHA and VA loans left the program (4.7 percent), and the number of forborne loans serviced for bank portfolios and private label securities (PLS) declined by 22,000 or 3.4 percent. At the end of the reporting period, 2.22 million loans remain in active plans. Of those…(read more)

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Source: Mortgage News Daily