Monday , March 1 2021
Home / Calculated Risk / Black Knight: Number of Homeowners in COVID-19-Related Forbearance Plans Increased Slightly

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

Summary:
Note: Both Black Knight and the MBA (Mortgage Bankers Association) are putting out weekly estimates of mortgages in forbearance.This data is as of January 19th.From Black Knight: Active Forbearance Plans Increase Slightly as Imporvement Continues to PlateauThe trend of mid-month increases in active forbearance plans we’ve been reporting on for some time continues in 2021, with the population of homeowners in such plans rising by 17,000 this week. According to the latest weekly snapshot of our McDash Flash daily mortgage performance data, 2.74 million homeowners were in active forbearance as of January 19. The population has been vacillating between 2.71 and 2.83 million since early November, when the country began seeing new coronavirus case spikes and resulting shutdowns. ... Click on

Topics:
Calculated Risk considers the following as important:

This could be interesting, too:

Calculated Risk writes Monday: ISM Manufacturing, Construction Spending

Reuters writes China’s manufacturing activity growth slips to lowest level since May

Alison Tudor-Ackroyd writes China electric-vehicle war: top 5 investment funds in electric vehicles to watch out for in 2021

Calculated Risk writes February 28 COVID-19 Test Results and Vaccinations

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

This data is as of January 19th.

From Black Knight: Active Forbearance Plans Increase Slightly as Imporvement Continues to Plateau
The trend of mid-month increases in active forbearance plans we’ve been reporting on for some time continues in 2021, with the population of homeowners in such plans rising by 17,000 this week.

According to the latest weekly snapshot of our McDash Flash daily mortgage performance data, 2.74 million homeowners were in active forbearance as of January 19. The population has been vacillating between 2.71 and 2.83 million since early November, when the country began seeing new coronavirus case spikes and resulting shutdowns.
...
Black Knight: Number of Homeowners in COVID-19-Related Forbearance Plans Increased SlightlyClick on graph for larger image.

Removal rates have also slowed noticeably following the six-month point of forbearance plans. This suggests that those borrowers who remain in forbearance were likely more heavily impacted by the economic downturn and thus are less likely to leave such plans before the full allowable 12-month period runs down.
...
Though we are a far cry from the peaks we saw last summer as far as the total number of active forbearance plans, the rate of improvement continues to be relatively slow. We’re seeing fewer new plan starts, with that number holding steady at the three-week average and down 30 percent from the same week in December. At the same time, plan removals remain weak, with this week recording the second lowest weekly removal volume observed to date since we began monitoring the situation in April.
emphasis added

Leave a Reply

Your email address will not be published. Required fields are marked *