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Black Knight: Number of Homeowners in COVID-19-Related Forbearance Plans Decreased

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by Calculated Risk on 9/10/2021 08:45:00 AM

Note: Both Black Knight and the MBA (Mortgage Bankers Association) are putting out weekly estimates of mortgages in forbearance.

This data is as of September 7th.

From Black Knight: Forbearances Decrease

The number of active forbearance plans fell by 92K (-5.4%) this week, driven by lingering August expirations and new activity taking place in September.

Volumes fell significantly across all investor classes, with portfolio/PLS plans seeing the greatest decline at 40K (-7.7%). Plans were also down 26K among both FHA/VA and GSE loans, for -3.8% and -5.1% declines, respectively. Overall, plan volumes are now down 129K (-7.4%) from the same time last month and have fallen by 3.1M (-67%) from their peak in May 2020.

Additional activity is expected later in the month as well, with nearly 540K plans still scheduled for review for extension/removal in September. Of those, nearly 400K are set to reach their final plan expirations based on current allowable forbearance term lengths.

Click on graph for larger image.

Significant volume declines could still be seen in coming weeks as those plans reach their final expirations and exiting borrowers return to making mortgage payments in October.
emphasis added

Black Knight reports 1,618,000 loans in forbearance, or 3.1% of all mortgages.

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