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Forbearances Slightly Elevated at the End of 2020
Monday, January 4, 2021
The
number of loans in COVID-19 forbearance plans last week rose for the third
consecutive week during the period ended December 29. Black Knight said a 15,000-loan
increase in the number of forborne loans brought the total to its highest level
since early November. However, despite
three consecutive weekly rises, the number of active plans only stands 13,000
higher than the same point in late November. Part of last week's increase was due
to the limited number of loans removed from the rolls, the fewest since the
start of the pandemic. A drop off in removals has been noted fairly consistently
late in each month, but according to the company, may have been more pronounced
during the holidays. There were nearly 270,000 plans due to expire at the end
of December so the company says it is possible there will be a heightened number of removals during this coming week.
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