Weekly reductions of -6,000 among GSE loans and -5,000 among FHA/VA loans were partially offset by a 9,000 rise in plan volumes among portfolio and privately securitized mortgages. Despite the week’s modest improvement, the number of outstanding plans is down by 298,000 (-11.4%) from the same time last month. As of April 20, there are 2.3 million (4.4%) of mortgage holders in COVID-19 related forbearance plans, including 2.7% of GSE, 7.8% of FHA/VA and 4.8% of Portfolio/PLS loans. Both inflow and outflow were muted this week, with fewer than 160,000 extensions/removals, the lowest such number in two months.
Some 280,000 expirations remain for April, which provides some opportunity for additional improvement in late April/early May. Then we have 435,000 May expirations before we jump back up to 890,000 in June. That will be the last big month for review activity before the first wave of plans reach their 18-month (and at least for now) final expirations.
