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Forbearances are Leveling Out, With Long-Term Delinquencies now a Concern

Posted To: MND NewsWire

The financial impacts of the COVID-19 pandemic are beginning to emerge and while it appears the crisis initially hit homeowners hard, the duration of the problem is murky. Short term delinquencies are declining, with fewer homeowners entering forbearance, while serious delinquencies are rising . We summarize the results from Black Knight’s most recent weekly forbearance report and its “first look” at July loan performance below and will report on the Mortgage Bankers Associations National Delinquency Survey for the 2nd quarter later today. Black Knight says overall delinquencies continued to improve in July, declining by 9 percent from June to a rate of 6.91 percent with 342,000 fewer loans past due. However, the delinquency rate is double that of July 2019, and 1.885 million more homeowners…(read more)

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