As of May 19, 4.75M homeowners, or 9.0% of all mortgages, are in COVID-19 mortgage forbearance plans, according to Black Knight’s McDash Flash Forbearance Tracker.
Still active forbearance volumes rose only by 93K during the past week, down 70% from the first week of May and down 93% from the first week of April.
Of the 4.25M homeowners in forbearance at the end of April, almost half made April’s payment, while 54% didn’t.
As of May 19, only 21% in forbearance made May payments, “which could lead to another sharp increase in the national delinquency rate for May if those payments are not received before the end of the month,” said Black Knight CEO Anthony Jabbour.
UPB of loans in forbearance adds up to $1.04T.
Estimated monthly principal and interest advances on active forbearance plans is $5.8B, while estimated taxes and insurance advances adds up to $2.1B, Black Knight says.
Previously: Pace of mortgage forbearance slows, Black Knight says (May 15)