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Biggest Drop yet in Forbearances Brings us Back to April's Levels

Friday, July 10, 2020   /   by Erik Bjorklund

Biggest Drop yet in Forbearances Brings us Back to April's Levels

Black Knight's weekly report on the numbers of
mortgage loans in COVID-19 forbearance plans shows that a decline in those
numbers of nearly a half million last week.
More than 435,000 homeowners exited
the plans, the largest drop yet. As of July 7, 4.14 million homeowners were in the
plans which allow them to skip or reduce their mortgage payments if they are
suffering financial problems due to the pandemic. This represents 7.8 percent of
mortgage lenders and just under $900 billion in unpaid principal. This is the
smallest number of plans since April 28. 
Some 6.0
percent of all GSE-backed loans, 1,678,000 in number,
and 11.6 percent of all FHA/VA loans (1,399,000)
are currently in forbearance plans. Another 1,067,000
or 8.2 percent of loans in private label securities or banks' portfolios
are included in the total.


...(read more)

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