- Last week's 1K decline in forbearance plans was matched by a 2K increase in the number of active plans over the past seven days, leaving volumes basically flat for the second week in a row, according to Black Knight's McDash Flash Forbearance Tracker.
- As of July 20, 1.86M borrowers are still in COVID-19 forbearance plans, accounting for 3.5% of all active mortgage; represents 2.1% of GSE, 6.2% of FHA/VA, and 4.1% of Portfolio/PLS loans.
Source: Black Knight
- GSE forbearance plans declined by 8K, while portfolio/PLS plans rose by 9K and FHA forbearances rose by 1K.
- Restarts stayed elevated for the week, while new forbearance plans volume continue to stay low. Removals held steady week-to-week and remain on the lower end of the spectrum.
- Plan extensions slipped to the lowest level since February.
- Estimated monthly principal and interest advances on active forbearance plans remains unchanged at $2.3B, while estimated tax and insurance advances stay at $0.8B.
- Mortgage servicers that may be affected: New Residential (NYSE:NRZ), Mr. Cooper (NASDAQ:COOP), Ocwen Financial (NYSE:OCN), and PennyMac Financial (NYSE:PFSI).
- Previously (July 22), Mortgage delinquency rate hits lowest rate in May since the pandemic started