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Forbearance Agreements Hitting Smaller Servicers Hard

Posted To: MND NewsWire

It is only a little more than a month into the COVID-19 crisis, but mortgage forbearances are already adding up. Black Knight has begun tracking that activity extrapolating an estimate of the active mortgage universe from a sample of loans. The company will be providing forbearance information on a daily basis. Black Knight estimates that, as of April 16, there were 2.94 million homeowners who had entered into forbearance agreements, temporarily delaying or reducing their required monthly mortgage payments. The unpaid principal balance of those mortgages is $651 billion. The loans account for 5.5 percent of the current total of 53 million active mortgages and includes 4.9 percent of all Fannie Mae and Freddie Mac (GSE) guaranteed loans, a total of 1.37 million, and 7.6 percent (922,000) of…(read more)

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