More Than 3.8 Million Seeking Mortgage Payment Relief – NMP Skip to main content

More Than 3.8 Million Seeking Mortgage Payment Relief

May 01, 2020
Mortgage repayment plan. Credit: iStock.com/Kameleon007
Director of Events

According to the latest McDash Flash Forbearance Tracker from Black Knight, nearly 7.3% of U.S. mortgages have entered mortgage forbearance plans in April, that's more than 3.8 million borrowers who are unemployed as a result of the COVID-19 pandemic. Together, they account for $841 billion in unpaid principal and includes 6.1% of all GSE-backed loans and 10.5% of all FHA/VA loans.
 
And as the industry has seen record-low rates, the latest unemployment report from the U.S Department of Labor has found that the six-week total of new unemployment claims stands at more than 30 million, approximately one-fifth of the entire work force in the nation.
 
According to Black Knight, at today’s level, mortgage servicers would need to advance a combined $3 billion/month to holders of government-backed mortgage securities on COVID-19-related forbearances. Another $1.5 billion in lost funds will be faced each month by those with portfolio-held or privately securitized mortgages (some 6.7% of these loans are in forbearance as well).
According to the latest McDash Flash Forbearance Tracker from Black Knight, nearly 7.3% of U.S. mortgages have entered mortgage forbearance plans in April

 
 
About the author
Director of Events
Navi Persaud is Director of Events at NMP.
Published
May 01, 2020
Fed Holds Rates, But Pricing Pressures Persist

Rising Treasury yields and fresh inflation data complicate rate locks, borrower qualification, and lender margins as markets anticipate another hike in December

Oct 29, 2026
Zippy Adds Capital For Manufactured-Home Lending Push

The $20 million investment from Saluda Grade will support expansion beyond 27 states and new loan products across wholesale, retail, and community channels

Oct 16, 2026
Inflation Hits 3.7%, Putting Mortgage Rate Relief At Risk

September’s inflation pickup puts recent rate improvements at risk, potentially eroding affordability gains from lower home prices and seller concessions

Oct 14, 2026
PLACE Acquires Ardley, Expanding Push To Turn Existing Borrowers Into New Loans

The latest deal connects borrower retention technology with Maxwell's origination platform and PLACE's real estate network, creating new opportunities for lenders

Oct 09, 2026
Equifax, TransUnion Launch New Tools To Cut Credit Report Costs

Both bureaus introduce ways to purchase credit scores separately from reports, while Equifax reports growing VantageScore adoption and extends $1 pricing through 2028

Oct 09, 2026
Newrez, eXp Realty Form Joint Venture To Target Purchase Business

Revenos Mortgage is set to launch in early 2027, replacing eXp's joint venture with Kind Lending

Oct 08, 2026