According to latest data from Black Knight’s McDash Flash Forbearance Tracker, the number of mortgages in active forbearance remained flat over the past week, with a 15,000 reduction among GSE mortgages offset by a 5,000 rise in FHA forbearances and a 10,000 increase among portfolio/PLS-held loans.
As of August 18, 3.9 million homeowners remain in active forbearance, representing 7.4% of all active mortgages, unchanged from last week. Together, they represent $833 billion in unpaid principal.
Some 5.4% of all GSE-backed loans and 11.6% of all FHA/VA loans are currently in forbearance plans. Another 8% of loans in private label securities or banks’ portfolios are also in forbearance.
Over the past 30 days, the number of active forbearances has declined by 202,000 (-5%). The strongest improvement was among GSE loans (-130,000, -8%). FHA/VA forbearances have remained relatively flat, with a modest 1% (-11,000) decline over that same period. Forbearances among private/portfolio loans fell 67,000 (-6%).
As we’ve discussed previously, there are a number of factors that continue to represent significant uncertainty as we move forward, including the ongoing COVID-19 pandemic and the expiration of expanded unemployment benefits last month.