Posted To: MND NewsWire

Black Knight notes a large improvement in forbearance statistics during the week ended March 9. The number of loans in active plans dropped by 77,000 over the week, the largest single week decline since early January, and lowered the number of plans to 2.6 million, a -2.9 percent change. At the end of the reporting period the remaining loans represent 4.9 percent of the nation’s 53 million mortgages and an outstanding principal balance of $515 billion. It was the first time since April 2020 that fewer than 5 percent of U.S. mortgages were in forbearance. Black Knight said the week’s improvement was due to both the expected end of February expirations as well as servicers getting ahead of the curve in processing extensions and removals for the massive number of borrowers with expiration dates…(read more)

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Source: Mortgage News Daily