COOP - Mortgages in forbearance drop by 105K in early May: Black Knight

The number of mortgages in active forbearance plans dropped by 105K in the past week, continuing the trend of strong forbearance improvements early in the month, according to the Black Knight McDash Flash Forbearance Tracker.As of May 4, just over 2.2M, or 4.2% of, homeowners remain in COVID-19-related forbearance plans.Source: Black Knight.Some 73K plans are still listed with April 2021 expirations, indicating the potential for further improvement in coming days. And 350K more plans are scheduled to be reviewed for extension/removal in May.Estimated monthly principal and interest advances on active forbearance plans are $2.7B, down from $2.8B in the prior week.Estimated monthly tax and insurance advance on active forbearance plans are $1.0B, unchanged for the third straight week.Mortgage services affected by advances on forbearance plans include: New Residential (NRZ), Mr. Cooper (COOP), Ocwen Financial (OCN), and PennyMac Financial Services (PFSI).

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Mortgages in forbearance drop by 105K in early May: Black Knight