Loans In Forbearance Fall To 1.1 Million
Loans in forbearance have now fallen in 33 of the last 34 weeks, according to the latest data from the Mortgage Bankers Association…(MBA)
- Total number of loans now in forbearance decreased by 7 basis points to 2.21% as of October 17th.
- MBA estimates that only 1.1 million homeowners are now in forbearance plans.
Mike Fratantoni, MBA’s Senior Vice President and Chief Economist, said exits tend to slow in the middle of the month…
- “Following two weeks of rapid declines, the share of loans in forbearance dropped again, but at a reduced rate. As reported in the past, many servicers process forbearance exits at the beginning of the month, therefore it is not surprising to see the pace of exits slow again mid-month,”
WHAT FORECLOSURE CRISIS?
Black Knight reported last week that September saw a dip in foreclosure starts after a sharp rise n August…(BK)
- September’s 3,900 foreclosure starts were the third-lowest monthly total on record and within 6% of the record low set back in April of this year.
- The number of active foreclosures fell in September as well, hitting yet another all-time low.