COOP - Number of mortgages in forbearance falls the most since April 2020: Black Knight

The number of mortgages in active forbearance plans fell by 77K, or by 2.9%, from a week earlier, marking its biggest weekly decline since early January, according to the Black Knight's McDash Flash Forbearance Tracker.As of March 9, 2.6M homeowners are still in forbearance, or 4.9% of all homeowners with mortgages; that's the first time the forbearance rate has been below 5% since early April 2020.Source: Black Knight.The improvement came from a combination of February month-end expirations and the proactive extension and/or removal of borrowers whose plans are set to expire at the end of March.Plans set to expire at the end of this month stand at more than 800K, down from 1.1M a week ago.That puts pressure on servicers to review upcoming expirations for removal or extension based on recently revised HUD and FHFA allowable terms of up to 18 months for mortgages that entered forbearance early.Early extension activity

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Number of mortgages in forbearance falls the most since April 2020: Black Knight