Borrowers are Exiting Forbearance at an Increased Rate

For the moment at least, the number of loans in forbearance are heading downhill and picking up speed. Black Knight says the number of active plans declined by 135,000 over the past month (-5 percent), 19,000 (-0.7 percent) occurred in the last week alone. As of March 23, there were 2.57 million loans remaining in forbearance, 4.9 percent of all active mortgages. The company says this month’s rate of decline is the strongest since late November. Servicers have worked through 1.2 million plans that entered the month with expirations scheduled at the end of the month. With eight days left in the month when Black Knight compiled this week’s data, there were still 46,000 loans to process, providing the potential for additional improvement in the next few weeks. The number of loans serviced for
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