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Forbearance Plan Numbers at Lowest Levels Since May

Posted To: MND NewsWire

There was another decline in forbearance starts this past week and the number of loans in active plans also fell for the third straight week. Black Knight’s weekly report on COVID-19 related forbearances reported a total of 4.12 million loans that have been granted forbearance, allowing borrowers to omit or reduce mortgage payments due to financial impacts related to the pandemic. The total is down 27,000 loans compared to the previous week and beings the share of these loans down to 7.77 percent from 7.82 percent of total servicer portfolios. This is the lowest rate since the peak in late May. The loans account for $900 billion in unpaid mortgage balances. Black Knight notes that the decline in actives forbearances came almost entirely from GSE (Freddie Mac and Fannie Mae) portfolios. Those…(read more)

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