Black Knight’s McDash Flash Forbearance Tracker said 4.1 million US homeowners are past due fueled by the coronavirus pandemic.
Payments were missed last month on 7.7% of all active home mortgages.
The numbers are higher than federal regulators had expected.
Mike Fratantoni, chief economist of the Mortgage Bankers Association said, “With millions more Americans filing for unemployment over the week, the level of job market distress continues to worsen. That is why we expect that the share of loans in forbearance will continue to grow, particularly as new mortgage payments come due in May.”