The number of mortgages in active forbearance remained flat this week, according to new data from Black Knight.
As of Tuesday, 3.9 million homeowners remained in active forbearance, representing 7.4% of all active mortgages, according to Black Knight. Together, mortgages currently in forbearance represent $833 billion in unpaid principal.
The number of loans in forbearance was unchanged from the week before, according to Black Knight. There was a reduction of 15,000 among GSE mortgages in forbearance last week; however, that was offset by a 5,000 gain in FHA forbearances and a 10,000 gain among portfolio/PLS-held loans.
“Some 5.4% of all GSE-backed loans and 11.6% of all FHA/VA loans are currently in forbearance plans,” Black Knight said. “Another 8% of loans held in private-label securities or banks’ portfolios are also in forbearance.”
Active forbearances have declined by 202,000 (down 5%) over the last 30 days, according to Black Knight. The strongest improvement was among GSE loans, which saw forbearances decline by 8%, a drop of 130,000. However, Black Knight continued to urge caution.
“As we’ve mentioned, the ongoing COVID-19 pandemic and the expiration of expanded unemployment benefits last month both continue to represent significant uncertainty for the weeks ahead,” Black Knight said.