FHA/VA Forbearances Continue to Climb

Posted To: MND NewsWire

As of Wednesday, there were 4.102 million mortgages in forbearance plans. This is 7.7 percent of the 53 million loans in servicer portfolios. Black Knight said its weekly survey noted a 17,000-loan decrease in total forborne loans over the previous week. What remains represents $879 million in unpaid principal. The number of GSE loans (Fannie Mae and Freddie Mac) loans in forbearance fell by 30,000 to 1.595 million, 5.7 percent of its total portfolio and an unpaid balance of $335 billion. Loans serviced for portfolio and private label securities (PLS) were also down, declining by 5,000 to 1.072 million or 8.2 percent of the total. However, loans serviced for Ginnie Mae, which guarantees FHA, VA, and USDA loans, rose by 18,000 loans to the highest level, 1.435 million, since early July. It was…(read more)

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Author: Martgage News