According to Black Knight's "first look" report for December, 2021, the national delinquency rate ended the year at 3.38%, which report is just 0.1% above February 2020's near record-low of 3.28% (right before the pandemic).  However, they point out that over half a million excess serious delinquencies remain (borrowers 90+ days past due) including those in active forbearance – more than twice pre-pandemic levels.  Likewise, Black Knight says that given the large volume of borrowers who've exited forbearance in recent months, the industry must keep a very close eye on the foreclosure metrics moving forward in 2022.  Indeed...

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