Over 1 million delinquencies are expected to occur in March 2021 when the first wave of COVID-related forbearances reaches the 12-month expiration period. The Jacksonville, Florida-based company also perceived a continuous increase in serious delinquencies in the mortgage market for the next five months. Although, the growth was at a slower pace in August compared with the three-to four-month peak typically seen in 90-day delinquencies following natural disasters.
Mortgage delinquencies may remain above pre-pandemic levels until 2022.
“For the first several months of the pandemic, the performance impact of COVID tracked relatively closely to that of major hurricanes.
