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Active forbearances are now down about one million (-21%) since the peak in May.
According to Black Knight’s McDash Flash Forbearance Tracker, 3.8 million mortgages remain in active COVID-19 related forbearance plans. That represents 7.1% of all active mortgages, down from 7.4%.
Together, they represent $804 billion in unpaid principal. Of these, 75% have had their terms extended. All figures are as of September 1.
The decline was primarily driven by portfolio-held loans, which fell by 75,000 this week, along with GSE mortgages which saw a 49,000 decline in the number of active forbearance plans. FHA/VA loans saw a more modest weekly decline of 23,000.
Some 5.1% of all GSE-backed loans and 11.5% of all FHA/VA loans are currently in forbearance plans. Another 7.5% of loans in private label securities or banks’ portfolios are also in forbearance.
