The number of active COVID-19 related forbearance plans grew
over the past week according to Black Knight’s most recent survey on the
subject. The number of mortgages in forbearance rose by 21,000, the first
increase in six weeks.
Forbearances among loans serviced for the GSEs Fannie Mae
and Freddie Mac continued to decline, down 9,000, but the number of loans
serviced for portfolio held and private label securities (PLS) more than offset
that improvement, rising by 28,000. Forborne loans serviced for FHA and the VA
also increased in number, but by a relatively modest 2,000.
Black Knight puts the number of loans still in forbearance
at 3.6 million. More than 75 percent of those have had their original plans extended
at some point since March.
As of the September 29th, 1.317
million GSE loans, or 4.7 percent of those two portfolios are in plans as are
1.350 million FHA/VA loans or 11.2 percent. Portfolio/PLS loans in forbearance
total 951,000 or 7.3 percent.
past month, the number of active forbearance volumes have retreated by 305,000
loans or 8.0 percent. Both the GSE and Portfolio/PLS groups have declined by 10
percent while the number of FHA/VA plans has shrunk by 4.0 percent.