COOP - Mortgages in forbearance return to mid-month increase in May: Black Knight

The number of mortgages in forbearance increases 16K in the past week, only the second time in the past 12 weeks that the number has risen.That reflects the return of the mid-month increase in rising forbearances. During April, the pattern had been suppressed by strong declines due to plan expirations.Forbearance plan starts increased this week, driven mostly by an increase in restart activity, another pattern common for the middle of the month.Source: Black KnightAs of May 18, some 2.18M, or 4.1% of, homeowners remain in COVID-19-related forbearance plans, including 2.4% of GSE, 7.3% of FHA/VA, and 4.7% of portfolio held and privately securitized mortgages.Estimated monthly principal and interest advances on active forbearance plans were $2.6B, unchanged from the prior week.Estimated monthly tax and insurance advances on active forbearance plans stays unchanged at $1.0B.Mortgage servicers that could be affected include: New Residential (NRZ), Mr. Cooper (COOP), Ocwen Financial (OCN), and PennyMac

For further details see:

Mortgages in forbearance return to mid-month increase in May: Black Knight