Even as the number of homeowners in mortgage forbearance programs dwindles, those remaining are at rising risk of default, and minorities make up a disproportionate number of those households, according to a CFPB report.
The Mortgage Bankers Association estimates that 4.5% of mortgages were in forbearance in the week ending April 25, representing about 2.23 million homeowners. At its peak in early June 2020, MBA estimated 8.6% of mortgages were in forbearance, or about 4.3%.
The CFPB analysis found a significant share of these borrowers were minorities, lived in majority-minority tracts and lived in relatively lower-income areas.
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