The trend of mid-month increases in active forbearance plans Black Knight has been reporting on for some time continues in 2021, with the population of homeowners in such plans rising by 17,000 this week.
According to the latest weekly snapshot of daily mortgage performance data, 2.74 million homeowners were in active forbearance as of January 19. The population has been vacillating between 2.71 and 2.83 million since early November, when the country began seeing new coronavirus case spikes and resulting shutdowns.
Removal rates have also slowed noticeably following the six-month point of forbearance plans. This suggests that those borrowers who remain in forbearance were likely more heavily impacted by the economic downturn and thus are less likely to leave such plans before the full allowable 12-month period runs down.