Forbearances Rise After Three Weeks of Declines

Manley Deas Kochalski    June 26, 2020

The latest data from Black Knight shows that the number of homeowners in active forbearance rose this week after three consecutive weeks of declines. The number of active forbearance plans is up 79K from last week – erasing roughly half of the improvement seen since the peak of May 22 – with rises seen over each of the past five business days. As of June 23, 4.68 million homeowners are in forbearance plans, representing 8.8% of all active mortgages, up from 8.7% last week. Together, they represent just over $1 trillion in unpaid principal.

Some 6.9% of all GSE-backed loans and 12.5% of all FHA/VA loans are currently in forbearance plans. Another 9.6% of loans in private label securities or banks’ portfolios are also in forbearance. Volumes were up across the board from the week prior with the largest increase among FHA/VA loans (+42K), with smaller increases seen in GSE (+25K) and non-agency (+12K) loans.

tags: Foreclosure

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