More Than 3.8 Million Seeking Mortgage Payment Relief
May 1, 2020
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).
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