After falling by 273,000 (9 percent) over the past two weeks, forbearance volumes edged slightly upward this week.
This week’s rise was a result of an increase of 15,000 forbearances among FHA/VA loans, along with 14,000 and 1,000 additional loans in forbearance among private label securities/bank portfolios and the GSEs, respectively.
Despite these mild increases, there is still good news for the mortgage servicing market – the number of active forbearances remains down 7 percent from the same time in October. As of Nov. 17, there are 2.77 million active forbearances nationwide, down from a peak of 4.76 million in late May.
Mid-month incremental increases have been common so far, with the strongest declines typically being seen early in the month as forbearance plans expire. 82 percent of active forbearance cases have had their terms extended.
Each week, Black Knight compiles a report from its McDash Flash Forbearance Tracker, which tracks forbearance volumes and related data, and posts a summary here on this blog.