The overall trend of incremental improvement in the number of mortgages in active forbearance continues. According to the latest data from Black Knight’s Forbearance Tracker, the number of mortgages in active forbearance fell by another 71,000 over the past week, pushing the total under 4 million for the first time since early May.
As of August 10, 3.9 million homeowners were in active forbearance, representing 7.4% of all active mortgages, down from 7.5% the week prior. Together, they represent $852 billion in unpaid principal.
Some 5.4% of all GSE-backed loans and 11.5% of all FHA/VA loans are currently in forbearance plans. Another 7.9% of loans in private label securities or banks’ portfolios are also in forbearance. 73% of loans in active forbearance thus far have had their terms extended.