The number of borrowers in coronavirus-related mortgage relief programs fell for the second straight week, as cities began to reopen and some Americans went back to work.
There are 4.66 million borrowers in government or private-sector forbearance programs, representing 8.8% of all active mortgages, according to Black Knight, a mortgage technology and data provider.
The numbers are down by 77,000 from last week and down by 112,000 since the peak the week of May 22. Loans backed by Fannie Mae and Freddie Mac saw the greatest decline in volume, with forbearances down by 47,000 week-over-week, but all investor classes saw reductions. "That said, with 4.6 million remaining in forbearance, there is still significant work ahead," he added. "With volumes seemingly cresting, the focus now shifts to helping those homeowners who remain in forbearance get back on track financially."
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