Posted To: MND NewsWire

After three weeks of declining totals, Black Knight says the number of active COVID-19 forbearance plans shot up over the past week. As of June 23, there were 4.68 million homeowners in forbearance, an increase of 79,000 from the prior week. This surge erased about half of the improvement the company has noted in its weekly report since forbearance plans peaked during the week of May 22. Forbearance plans are now in place for 8.8 percent of all active mortgages , up 0.1 point in a week. These loans have an aggregate balance of $1.025 trillion. FHA and VA loans posted the largest increase , 42,000, bringing the total number of forborne loans to 1.925 million or 12.5 percent of the two portfolios. Among loans serviced for Fannie Mae and Freddie Mac, 1.925 million or 6.9 percent are in plans,…(read more)

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Source: Mortgage News Daily