Portfolio/PLS Loans Push Forbearance Totals Higher
The number of homeowners in forbearance plans rose over the most recent week. Black Knight says a 10,000 loan increase in the number of loans serviced for bank portfolios and private label securities (PLS) accounted for most of the growth. As of August 24, there were 1.76 million loans in active plans or 3.3 percent of all mortgage loans. This is 12,000 more plan participants than at the end of the prior week. In addition to the higher number of portfolio/PLS loans, the number of FHA/VA loans increased 3,000. The volume of GSE (Fannie Mae and Freddie Mac) loans was reduced by 1,000.
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