Skip to main content

Black Knight: 9% Of Mortgages In Forbearance

NationalMortgageProfessional.com
May 29, 2020
Photo credit: Getty Images/designer491

Black Knight’s latest McDash Flash Forbearance Tracker shows that forbearance volumes have flattened over last week’s totals. 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. The 4.76 million homeowners in forbearance plans represents 9% of all active U.S. mortgages.
 
The study finds that at today’s level, mortgage servicers need to advance a combined $3.6 billion per month to holders of government-backed mortgage securities on COVID-19-related forbearances, on top of the $1.5 billion in taxes and insurance payments they must make on behalf of borrowers.
 
The Federal Housing Finance Agency recently announced that Fannie Mae and Freddie Mac borrowers in forbearance plans can apply for refinancing and new purchase mortgages once their loans are current, waiving a previous mandatory 12-month wait, in hopes of homebuyers taking advantage of all-time-low rates.
Black Knight’s latest McDash Flash Forbearance Tracker shows that forbearance volumes have flattened over last week’s totals

 
Published
May 29, 2020
Embrace Home Loans Hires Castiglioni As VP Of Market Growth

Former Wells Fargo exec also will manage growing national condo program

Industry News
Sep 23, 2021
Guaranteed Rate Opens New Branch In Southwestern Michigan

Guaranteed Rate expanded its presence in Southwester Michigan, after opening a new branch in St. Joseph

Industry News
Sep 22, 2021
Chinese Property Giant Evergrande Falters, Threatening U.S. Investors

On Monday, investors across three continents dumped their stocks, mainly out of fear that the world’s two largest governments — the United States and China — would undercut the beginnings of a global economic recovery. 

Industry News
Sep 22, 2021
Compass Mortgage Expands In Four Additional States

Compass Mortgage is now licensed in Virginia, Washington, North Carolina and South Carolina.

Industry News
Sep 22, 2021
Enact Holdings Completes IPO

Genworth Financial Inc. announced the completion of the initial public offering for its subsidiary Enact Holdings Inc.

Industry News
Sep 21, 2021
Offerpad Expands Into Kansas City, St. Louis

Tech-Enabled Platform For Real Estate Transactions Now In 20 Markets

Industry News
Sep 20, 2021