by Mike ‘Mish’ Shedlock
The volume of mortgage forbearance jumped in the first two weeks of april but leveled off at the end of the month.
The latest Black Knight Mortgage Monitor covers the Surge in Forbearance Volumes.
— More than 3.8M mortgage holders – 7.3% of the total first lien market – have already entered into forbearance plans as of April 30.
— FHA/VA loans have the highest forbearance rates by investor class at 10.5% (1.27M), while the 1.7M (6.1%) GSE mortgages in forbearance represent the largest volume.