Mortgage Industry ‘Not Out of the Woods’

first_img Demand Propels Home Prices Upward 2 days ago The Week Ahead: Nearing the Forbearance Exit 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago June 29, 2020 1,802 Views Previous: Personal Incomes Dip Due to COVID-19 Next: Legislation to Reverse CRA Changes Approved by House Subscribe Black Knight’s Director of Market Research told CNBC in an interview that rising forbearances may continue.“We’re not out of the woods yet in terms of the coronavirus impact on the mortgage and housing market,” said Andy Walden, Director of Market Research, Black Knight.Walden said a large number of forbearances were expected to expire at the end of June but borrowers could be deciding to stay in plans longer than expected.Another item to watch, he said, are unemployment benefits, as many plans are expected to expire at the end of July. He said Black Knight will be watching this trend to see if it impacts the share of mortgages in forbearance.After three weeks of declining mortgage loan forbearance activity, forbearances surged last week, according to the McDash Flash Forbearance Tracker from Black Knight. As data revealed 8.8% of all active mortgage loans are in a state of forbearance.This is up from 8.7% of loans that were in active forbearance as of the previous week.Forbearances peaked the week of May 22 before falling for about three weeks. However, the increases experienced over the past five days have reversed more than half of the declines experienced over the previous few weeks.In total, about 79,000 additional loans went into forbearance this week, bringing the total number of loans in forbearance to 4.68 million.The most recent loan forbearance numbers mean servicers will have to pay $3.5 billion per month on behalf of GSE-backed loan holders, plus an additional $1.4 billion in taxes and insurance on behalf of these loans.View the full video in the embed below. Coronavirus 2020-06-29 Mike Albanese About Author: Mike Albanese Related Articles in Daily Dose, Featured, News, Webcasts Mike Albanese is a reporter for DS News and MReport. He is a University of Alabama graduate with a degree in journalism and a minor in communications. He has worked for publications—both print and online—covering numerous beats. A Connecticut native, Albanese currently resides in Lewisville.  Print This Post Mortgage Industry ‘Not Out of the Woods’ Data Provider Black Knight to Acquire Top of Mind 2 days ago The Best Markets For Residential Property Investors 2 days ago Home / Daily Dose / Mortgage Industry ‘Not Out of the Woods’ Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Demand Propels Home Prices Upward 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago The Best Markets For Residential Property Investors 2 days ago Tagged with: Coronavirus Sign up for DS News Daily Share Save Servicers Navigate the Post-Pandemic World 2 days ago Servicers Navigate the Post-Pandemic World 2 days agolast_img read more