Mortgages in Forbearance Fall Below 3 Million for First Time Since Mid-April

Black Knight, a information provider to lenders and services, reported late on Friday (10/9), that after a modest uptick in the previous week, mortgages in active forbearance declined -18%. This marks the first times since mid-April that the total number of plans fell below 3 million. As of Oct. 6, 2.97 million homeowners remain in COVID-19-related forbearance plans, representing $614 billion in unpaid principal. According to the report, last week’s decline of 649,000 forbearance cases represented the largest single-week drop since the beginning of the pandemic.