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Servicers on the Hook as 4.1 Million Loans Now in Forbearance

Posted To: MND NewsWire

Black Knight reports that, as of May 7, there were 4.1 million loans in forbearance, up from 3.8 million in the company’s last report which covered plans put into effect by mortgage servicers through April 30. The new total represents 7.3 percent of all active mortgages and accounts for $890 billion of unpaid mortgage principal. Fannie Mae and Freddie Mac guaranteed loans account for 1.91 million of total loans and $390 billion in principal. Those loans are 6.4 percent of the 27.9 million loans the GSEs have in service. There were 1.33 million Ginnie Mae (FHA and VA) loans in forbearance plans , accounting for an unpaid balance of $246 billion and 11.0 percent of the Ginnie Mae portfolio of 12.1 million loans. The remaining 933,000 loans are 7.2 percent of the 12.9 million loans being serviced…(read more)

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