Posted To: MND NewsWire

The number of COVID-19 related forbearance plans in effect with servicers continued to increase through the end of April according to a report released on Friday by Black Knight. Forbearance is the temporary suspension or reduction of a required payment. As of April 30, more than 3.8 million home mortgages, 7.3 percent of all active obligations , are in such plans. In comparison, as of April 23 affected 3.4 million loans or 6.4 percent of the total. The current forbearances account for $841 billion in unpaid principal, up from $754 billion the prior week. Within the 3.8 million loans are 1.699 million that are backed by the GSEs Fannie Mae and Freddie Mac and 1.268 million by FHA and the unpaid principal balance of these loans total $372 billion and $232 billion, respectively. Loans serviced…(read more)

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Source: Mortgage News Daily