Forbearance Plan Volumes Ending April Steady
Forbearance plan volumes held steady this week, as is typical at this point in the monthly cycle.
According to our McDash Flash daily mortgage performance dataset, the number of active forbearance plans increased 2,300 (+0.3%). Loans held in bank portfolios and private label securities (PLS) increased by 7,300 (+3.5%). That was partially offset by decreases in GSE plans (2,400, -1.2%) and FHA/VA plans (2,700, -1.1%).
As of April 26, 691,000 mortgage holders remain in COVID-19-related forbearance plans – 1.3% of all active mortgages. The group includes 0.7% of GSE mortgages, 2.0% of FHA/VA and 1.9% of portfolio held and privately securitized mortgages.
Plans are down by 54,700 (-7.3%) from the same time last month. The next opportunity for meaningful improvement will come in early May, when around 78,000 plans are scheduled for review, with more than a third expected to be reaching their final expirations.
With more than 92% of the 8.2 million homeowners who sought forbearance protection having exited those plans, Black Knight will be wrapping up our weekly Forbearance Tracker with this report. We will continue to monitor the very latest forbearance data from the McDash Flash dataset and report our findings monthly in our Mortgage Monitor Report.
