Friday, May 08, 2020

Black Knight: Nearly 4.1 Million Homeowners Now in COVID-19-Related Forbearance Plans, 7.7% of Mortgages

by Calculated Risk on 5/08/2020 08:11:00 AM

From Black Knight: Nearly 4.1 million homeowners are in forbearance plans

• As of May 7, nearly 4.1 million homeowners are in forbearance plans, representing 7.7% of all active mortgages.

• Together, they account for $890 billion in unpaid principal and includes 6.4% of all GSE-backed loans and 11% of all FHA/VA loans.

• At today’s level, mortgage servicers need to advance a combined $4.5 billion/month to holders of government-backed mortgage securities on COVID-19-related forbearances. Another $2.1 billion in lost funds will be faced each month by those with portfolio-held or privately securitized mortgages (some 7.2% of these loans are in forbearance as well).