Forbearances See Largest Weekly Drop Yet

Manley Deas Kochalski    July 13, 2020

The latest data from Black Knight shows that, following last week’s decline, the number of active forbearance plans fell another 435,000 week-over-week – marking the largest drop yet. This brings the total number of active forbearances to its lowest point since April 28.

As of July 7, 4.14 million homeowners were in active forbearance, representing 7.8% of all active mortgages, down from 8.6% the week prior. Together, they represent just under $900 billion in unpaid principal.

The largest declines in forbearances were seen among GSE loans, which declined by 200,000 – an 11% reduction in a single week. Portfolio and PLS loans in forbearance also fell by 11%, equating to 136,000 fewer active forbearance plans. FHA/VA saw the slightest improvement, declining just 6% for a 93,000 reduction.

tags: Foreclosure

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