In light of the impact that COVID-19 has had on the U.S. mortgage market, Black Knight Inc.
has begun tracking loan-level forbearance data on a daily basis through its McDash Flash data set.
Black Knight has found that, as of April 16, over 2.9 million homeowners–or 5.5 percent of all mortgages–have entered into COVID-19 mortgage forbearance plans, representing $651 billion in unpaid principal and including 4.9 percent of all GSE-backed loans and 7.6 percent of FHA/VA loans
“In these times, it is essential to both our industry and for the benefit of the entire U.S. economy to have a clear understanding of the magnitude of the mortgage forbearance situation,” said Black Knight CEO Anthony Jabbour. “Leveraging Black Knight’s extensive data, research and analytics capabilities, we are able to provide that clarity. Black Knight has the data and analytics necessary for lenders and servicers to benchmark their company’s activities against the industry and use this information to make informed decisions regarding next steps.”
Black Knight found at today’s levels, mortgage servicers would be bound to advance $2.3 billion of principal and interest payments per month to holders of government-backed mortgage securities on COVID-19-related forbearances, with another $1.1 billion per month in funds to be faced by those with portfolio-held or privately-securitized mortgages.