fha mortgage loans, local mortgage broker, midwest family lending

(515) 252-7107

APPLY NOW!

Mortgage Industry News

« Return to Mortgage Industry News

Forbearance Plans Hit Pandemic Low

Friday, November 13, 2020

The number of COVID-19 related forbearances plans headed downhill at an increasing pace over the last few week although there is no guarantee the improvement will continue. Black Knight says there was another 4 percent decline, representing 121,000 loans, over the past week. This brings the improvement in the number of plans since just the first of November to 416,000 loans or 9 percent. As of November 10, there were 2.735 million loans remaining in plans. This represents 5.2 percent of the 53 million active mortgage loans in servicer portfolios and an aggregate unpaid principal balance of $559 billion. Of the loans still in active forbearance, 81 percent have had their terms extended at some point since March.

 

Read Full Article

Testimonial

"Eric was attentive to all my questions and concerns and provided answers in a manner in which I could understand. He sent friendly reminders via email to keep me posted on where we currently stand within the loan process and in the same time kept me accountable for the items that were required for myself to help keep the loan process moving."
Amanda L