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Forbearance Numbers Appear to Shrink, but There's a Catch

Posted To: MND NewsWire

The number of mortgages in forbearance plans declined this past week for the first time since the CARES Act to address the COVID-19 pandemic was enacted. Black Knight said its survey showed that there were 4.73 million homeowners, 8.9 percent of those with mortgages, in forbearance plans as of June 2. This is a net decrease of 34,000 loans since May 28. The number of approved plans, which allow homeowners to temporarily suspend or reduce mortgage payments if they are financially impacted by the pandemic, decreased by 43,000 among mortgages being serviced for Ginnie Mae (VA, FHA, and USDA loans) and the GSEs Fannie Mae and Freddie Mac. However, the number of forborne loans serviced for others, such as private label securities or portfolio lenders grew by 9,000 loans. Black Knight’s survey tracks…(read more)

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