In what has become a familiar pattern, the number of active forbearance plans held relatively steady entering the third week of November.
According to our McDash Flash daily forbearance tracking dataset, the number of active forbearance plans increased by 2,000 (0.2%) this week. Modest declines among FHA/VA loans (-2,000) and GSE (-1,000) were offset by a 5,000 rise in plan volumes among portfolio and PLS mortgages as plan activity hit its lowest level since mid-August. Start volumes edged higher, driven by an increase in new plans among FHA/VA loans, which hit their highest level since early October.
As of November 16, 1.01 million mortgage holders remain in COVID-19 related forbearance plans, representing 1.9% of all active mortgages, including 1.2% of GSE, 3.1% of FHA/VA and 2.4% of portfolio held and privately securitized loans.