From Black Knight: Mortgage Forbearance Volumes Flatten, Total Roughly Steady at 4.76M
The latest data from the McDash Flash Forbearance Tracker shows that forbearance volumes have essentially flattened, and in fact new inflows have slowed to a relative trickle.
While the leveling off of active forbearance volumes is welcome news, the focus of industry participants – especially servicers and mortgage investors – is already shifting from pipeline growth to pipeline management.
As of May 26, 4.76 million homeowners are in forbearance plans, with a net increase of just 7,000 new forbearance plans since last week. That’s in comparison to a 325,000 net increase in the first week of May, and 1.4 million in the first week of April.
CR Note: This is 9.0% of all mortgages. The delinquency rate in April increased sharply to 6.45%, but it would have been much higher if so many borrowers in forbearance hadn’t made their mortgage payments (unpaid loans in forbearance are counted as delinquent in the survey).