Black Knight

Mortgage delinquencies dropped to the lowest level since March but, particularly at the seriously delinquent level, they're still much higher than pre-coronavirus rates, according to Black Knight.

There have been several extensions of the policy since it was put into place as a way to sustain originations amid a wave of forbearance allocated to borrowers with government-related loans.

Under 2.9 million borrowers sit in coronavirus-related forbearance as GSE-backed mortgages drove the latest decrease, according to Black Knight.

Meanwhile, the delinquency rate is up 89% year-over-year, according to Black Knight.

The company said it is "engaging with third parties" that are reportedly willing to pay at least $14 per share more than Senator Investment and Cannae Holdings.

As financial distress mounted, 12.4% of mortgagors missed payments across the second and third quarters of 2020 — and it could get worse, according to a study from the Mortgage Bankers Association.

But most borrowers who have exited forbearance plans are back on track when it comes to paying, and the incidence of loss mitigation plans is high among those who aren't.

Over 3.6 million borrowers sit in coronavirus-related forbearance with portfolio and private-label securitized loans driving the week's increase, according to Black Knight.

The net share of mortgages in Ginnie Mae securitizations with suspended payments appears to be stabilizing, but the number of new requests creates doubt about whether it will subside.

The percentage of borrowers who have asked to temporarily suspend payments due to coronavirus-related hardships is down overall, but in the Ginnie Mae market, they're still inching up.