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Fannie/Freddie Borrowers Continue to Exit Forbearance
Friday, July 24, 2020
Black Knight notes a slight increase in
the number of forbearance plans in effect this week even as the number of forborne
loans serviced for the GSEs (Fannie Mae and Freddie Mac) dropped sharply. The total
number ticked up to 4.119 million, a 2,000-loan increase from the prior week.
The total is 7.8 percent of the 53 million active mortgage loans and represents
an unpaid principal of $890 billion. The GSE loans in forbearance dropped by
18,000 during the week, largely offsetting increases in portfolio/private label
securitized (PLS) loans and those serviced for Ginnie Mae (FHA and VA loans).
Those loans rose by up 12,000 and 8,000, respectively. There are now 1.625 million GSE loans in
forbearance, 5.8 percent of that total portfolio. The unpaid balance of those
loans is $341 billion. After the increase Ginnie Mae loans in forbearance
represented an 11.7 percent share and a total of $1.417 loans with a balance of
$243 billion. Portfolio/PLS loans with an aggregate balance of $305 billion
were in plans; 1.077 million loans and an 8.3 percent share of those portfolios.
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