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Covid’s Impact on Housing/Mortgage Markets in March; Cost of Imperfection Remains High For Borrowers

Covid’s Impact on Housing/Mortgage Markets in March; Cost of Imperfection Remains High For Borrowers

Black Knight's new Mortgage Monitor restates some of the statistics on COVID-19 related forbearance plans it released late last week - i.e. that the number of those plans had reached 3.8 million by April 30. But it makes one additional point. The number of plans being put in place started to taper down as the middle of the month approached. Between April 21 and April 30, the number of plans enacted each day varied between 53,000 and 102,000. This is less than a quarter of the daily number seen at the beginning of the month. Since servicers typically charge late fees after the 15th of the month it might indicate that borrowers are being both proactive and strategic in contacting their servicers. Black Knight says it remain to be seen if the same type of spike occurs at the beginning of May,
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