Posted To: MND NewsWire

The number of homeowners in mortgage forbearance plans continues to increase, reaching 4.75 million by May 19. This is 9.0 percent of all active borrowers nationwide and represents a little more than $1 trillion in unpaid principal. The number of plans grew by 93,000 borrowers between May 12 and May 19. Black Knight, in its weekly report on the forbearance program, offered to homeowners who have been financially impacted by the COVID-19 pandemic, notes that the most recent increase is down 70 percent from the 325,000 new plans during the first week of May , and is 93 percent lower than the 1.4 million plans opened the first week of April. This slowdown suggests that volumes may be beginning to flatten , warranting a shift in servicer focus from forbearance pipeline growth to forbearance pipeline…(read more)

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Source: Mortgage News Daily