Monday , October 25 2021
Home / Calculated Risk / Black Knight: Number of Homeowners in COVID-19-Related Forbearance Plans Declined Slightly

Black Knight: Number of Homeowners in COVID-19-Related Forbearance Plans Declined 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 September 21st.From Andy Walden at Black Knight: Little Movement in Forbearance Volumes This WeekThe number of active forbearance plans fell by 18,000 (-1.4%) this week, leaving 1.58 million U.S. homeowners in COVID-19 forbearance as of September [21].Declines of 11,000 and 10,000 among FHA/VA and GSE loans respectively were partially offset by a 3,000 rise in PLS/portfolio plans. Overall, forbearances are now down 182,000 (-10%) from the same time last month, with the strongest decline (-13%) seen among GSE plans.The population of mortgage holders in COVID-19 related forbearance plans represents 3% of all active mortgages, including 1.7% of

Topics:
Calculated Risk considers the following as important:

This could be interesting, too:

Calculated Risk writes Sunday Night Futures

[email protected] (New Deal democrat) writes My Big Picture

Calculated Risk writes Final Look: Local Housing Markets in September

Calculated Risk writes Real Estate Newsletter Articles this Week

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 21st.

From Andy Walden at Black Knight: Little Movement in Forbearance Volumes This Week
The number of active forbearance plans fell by 18,000 (-1.4%) this week, leaving 1.58 million U.S. homeowners in COVID-19 forbearance as of September [21].

Declines of 11,000 and 10,000 among FHA/VA and GSE loans respectively were partially offset by a 3,000 rise in PLS/portfolio plans. Overall, forbearances are now down 182,000 (-10%) from the same time last month, with the strongest decline (-13%) seen among GSE plans.

The population of mortgage holders in COVID-19 related forbearance plans represents 3% of all active mortgages, including 1.7% of GSE, 5.2% of FHA/VA and 3.8% of portfolio held and privately securitized loans.

In terms of forbearance plan starts, 15,000 new plans were initiated since last Tuesday – down slightly from last week’s 16,000 starts – while 34,000 plans were restarted, compared to last week’s volume of 35,000. Meanwhile, in typical mid-month behavior, plan exits dipped slightly this week, but are expected to ramp up in coming weeks.

Black Knight: Number of Homeowners in COVID-19-Related Forbearance Plans Declined SlightlyClick on graph for larger image.

More than 460,000 plans are still slated for review for extension/removal over the final week of September, with some 300,000 set to reach their final expirations based on current allowable forbearance term lengths. This could lead to significant movement in volumes entering early October.
emphasis added

Leave a Reply

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

This site uses Akismet to reduce spam. Learn how your comment data is processed.