Black Knight: Number of Homeowners in COVID-19-Related Forbearance Plans Declined Slightly

Note: Both Black Knight and the MBA (Mortgage Bankers Association) are putting out weekly estimates of mortgages in forbearance.

This data is as of September 21st.

From Andy Walden at Black Knight: Little Movement in Forbearance Volumes This Week

The number of active forbearance plans fell by 18,000 (-1.4%) this week, leaving 1.58 million U.S. homeowners in COVID-19 forbearance as of September [21].

Declines of 11,000 and 10,000 among FHA/VA and GSE loans respectively were partially offset by a 3,000 rise in PLS/portfolio plans. Overall, forbearances are now down 182,000 (-10%) from the same time last month, with the strongest decline (-13%) seen among GSE plans.

The population of mortgage holders in COVID-19 related forbearance plans represents 3% of all active mortgages, including 1.7% of GSE, 5.2% of FHA/VA and 3.8% of portfolio held and privately securitized loans.

In terms of forbearance plan starts, 15,000 new plans were initiated since last Tuesday – down slightly from last week’s 16,000 starts – while 34,000 plans were restarted, compared to last week’s volume of 35,000. Meanwhile, in typical mid-month behavior, plan exits dipped slightly this week, but are expected to ramp up in coming weeks.

Black Knight ForbearanceClick on graph for larger image.

More than 460,000 plans are still slated for review for extension/removal over the final week of September, with some 300,000 set to reach their final expirations based on current allowable forbearance term lengths. This could lead to significant movement in volumes entering early October.
emphasis added

Related posts

Idiocy in Spain: Bank Proposal to Build More Houses, Issue More Mortgages, Despite Massive Inventory and Enormous Drop in Sales

Mish Global Economic Trend Analysis

Sky City: China to Build World’s Tallest Building, 220 Stories, in 90 Days

Mish Global Economic Trend Analysis

It’s No Wonder People Don’t Understand the “Public” Debt

Angry Bear

EU Budget Laugh of the Day “No One Is Discussing Quality”

Mish Global Economic Trend Analysis

Via Barry Ritholtz’s  Big Picture comes this PBS six minute …

Angry Bear

Politics and Specific Policies

Angry Bear