Note: Both Black Knight and the MBA (Mortgage Bankers Association) are putting out weekly estimates of mortgages in forbearance.
This data is as of June 22nd.
From Andy Walden at Black Knight: Common, Marginal, Mid-Month Increase of Number of Forbearance Plans This Week
In what’s become a common trend of marginal mid-month increases, the number of active forbearance plans ticked up slightly from last week.
According to the weekly snapshot of Black Knight’s McDash Flash daily loan-level performance dataset, 2.06 million homeowners – representing 3.9% of mortgaged properties – remain in COVID-19 related forbearance plans.
While the total number of plans rose by 1,000 since last Tuesday, the population is still down 6% from the same time last month. That’s as compared to last week’s 5.4% monthly rate of improvement.
A 10,000 decline in the number of active GSE forbearance plans and a 7,000 drop in FHA/VA plans were both more than offset by a rise of 18,000 among portfolio and privately held mortgages.
Meanwhile, starts edged lower this week and were 7% below their previous 4-week average. Likewise, removals hit their lowest level in five weeks and extension activity was down as well.
That said, more than 300K plans are still scheduled for quarterly reviews between now and next Wednesday, which could lead to more exits. We should all be expecting more activity one way or another as we near the 4th of July.