fha mortgage loans, local mortgage broker, midwest family lending

(515) 252-7107

APPLY NOW!

Mortgage Industry News

« Return to Mortgage Industry News

Forbearances Rise, True to Mid-Month Pattern

Friday, December 18, 2020

There was an increase in the number of loans in forbearance over the last week as the share within all lender portfolios, even the GSEs', moved higher. Black Knight said, however, that an uptick in mid-month has become common, generally driven by fewer borrowers exiting their plans. This was true this past week as well. The strongest declines tend to occur at the first of each month, as plans that expired at the end of the previous month are removed. The company says there are more than 550,000 plans set to expire at the end of December, so there should be more positive news about plan removals in the first week of January. The total number of mortgages in active plans rose by 37,000 during the week ended December 15. There are 2.787 million forborne loans or 5.3 percent of the nation's 53 million mortgages now in plans. These loans represent $563 billion in unpaid principal. 

 

Read Full Article

Testimonial

"I just wanted to take the time to write and let you know what a miracle worker you are. I never thought in a million years I would get approved to purchase a home but you did it and what a tough job you had. You came through for me and never gave up and I wanted you to know that I am truly grateful. Now I have a place that I can call my own for my daughter and me. Kim, I tell everyone I talk to if they are looking to refinance or purchase a home to call you and you'll get the job done. Thank you so much."
Kyle