Following last week's largest weekly decline in COVID-19-related forbearances since the pandemic began, the market saw a slight uptick of 19k loans in forbearance this week.
New data released today from Black Knight's McDash Flash Forbearance Tracker shows that though volumes increased week-over-week, there is still reason to be optimistic about the state of U.S. mortgages in forbearance.
We are seeing the national forbearance rate hold steady at 5.6% week-over-week, with just under 3 million homeowners remaining in active forbearance. This number is down from a peak of 4.76 million in late May.
The upward trend in forbearances was seen across investor classes, with GSE forbearances rising by 3k and both FHA/VA and Portfolio/PLS forbearances increasing by 8k over last week. FHA/VA loans continue to represent the largest share of loans in forbearance, at 9.5%.
All in, there are currently 708k fewer loans in forbearance now than the same time last month, which is a 19% decline. Of the remaining 2,988,000 current forbearance cases, 78% have had their terms extended with their servicer.
As market conditions continue to fluctuate weekly, please check this blog regularly for updated data and insights.
Black Knight Inc. published this content on 16 October 2020 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 16 October 2020 11:24:06 UTC