Forbearance Problem Remains Huge, But The Pace is Slowing

Posted To: MND NewsWire

The Mortgage Bankers Association (MBA) has confirmed the findings that Black Knight reported on Monday morning that, while the number of forbearances in effect as a result of the COVID-19 pandemic continues to rise, the rate of increase slowed as April progressed. MBA said its weekly survey found the number of loans in a forbearance plan increased from 6.99 percent of loans being serviced on April 19 to 7.54 of the total as of April 26. MBA estimates that 3.80 million homeowners are now in forbearance. “The share of loans in forbearance increased once again in the last full week of April, but the pace of new requests slowed, ” said Mike Fratantoni, MBA’s Senior Vice President and Chief Economist. “With millions more Americans filing for unemployment over the week, the level of job market distress…(read more)

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