by Calculated Risk on 4/24/2020 08:34:00 AM

From Black Knight: More than 3.4 Million Homeowners – 6.4% of All Mortgages – Now in COVID-19-Related Forbearance Plans According to Black Knight’s McDash Flash Data Set

• The McDash Flash suite from Black Knight leverages daily, loan-level data to provide market participants with the most current view of the forbearance and mortgage performance landscape

• According to the McDash Flash Forbearance Tracker, as of April 23, 2020, more than 3.4 million homeowners – or 6.4% of all mortgages – have entered into COVID-19 mortgage forbearance plans

• This population represents $754 billion in unpaid principal and includes 5.6% of all GSE-backed loans and 8.9% of all FHA/VA loans

• At today’s level, mortgage servicers are bound to advance $2.8 billion of principal and interest payments per month to holders of government-backed securities on COVID-19-related forbearances

• Another $1.3 billion per month in lost funds is faced by those with portfolio-held or privately-securitized mortgages

• Given FHFA’s recently announced four-month limit on advance obligations, servicers of GSE-backed mortgages could still face more than $7 billion in advances based on the number of forbearance plans thus far