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Forbearances Decline for Second Week; Rates Are Not 1.99%

Forbearances Decline for Second Week; Rates Are Not 1.99%

Two entities, Black Knight and the Mortgage Bankers Association (MBA) have been tracking loans in forbearance plans since the start of the pandemic. They have diverged a bit in their numbers over the last half year, but both agree, in their most recent reports, that there are now fewer than 4 million borrowers in plans. MBA, in their report earlier this week, said there were 3.7 million loan in forbearance, or 7.67 percent of all loans in servicer portfolios. On Friday Black Knight's report put the number of 3.9 million, or 7.4 percent of the estimated 54 million loans being serviced. About 73 percent of those loans are in extensions of their initial 90-day plan. Black Knight says the current tally is down by 71,000 from the previous week and represents $852 billion in unpaid principal. There
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