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Forbearances Decrease by 4%

Posted To: MND NewsWire

The number of homeowners with mortgages in COVID-19 related forbearance plans dropped during the week ended September 1 after several weeks when there was little change. Black Knight said its weekly survey found 147,000 fewer borrowers in plans than the previous week, a decline of about 4 percent. The company says last week’s decrease means there are about 1 million fewer loans in forbearance than at the peak in May. Seventy-five percent of those remaining are in extensions of their original plan. A total of 3.784 million loans remain in forbearance, 7.1 percent of the estimated 53 million loans that are currently active. Those loans represent $804 billion in unpaid principal. The decline was spread across all loan types with the largest improvement , 75,000 loans, in portfolio-held and private…(read more)

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