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.