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Servicing News | Servicer Ranking | Delinquency Statistics
Stories about mortgage servicers, delinquency and f o r e c l o s u r e s. Coverage of servicing lawsuits and loan servicing technology.


Improvement Continues With Serious Delinquency

90-day rate drops 20 BPS in November

Jan. 14, 2013

By Mortgage Daily staff


The rate of serious delinquency improved for the fourth consecutive month. While government loan modifications initially helped pull delinquency lower, more recent improvements in performance are being attributed to foreclosure resolutions. This year's performance will be determined by employment and home prices.

Residential loan delinquency of at least 90 days, including foreclosures, was 9.4 percent in November.

The rate of late payments retreated from October, when 90-day delinquency stood at 9.6 percent. The 90-day rate has improved each month since July 2012, when serious delinquency was 10.3 percent.

The statistics were included in The MarketPulse from CoreLogic Inc.

Delinquency has tumbled compared to November 2011, when the rate was 10.8 percent.

"Initially, the decline was driven by HAMP modifications," CoreLogic said of the delinquency trend. "Now, the impact of HAMP is rapidly waning and the decline is primarily being driven by foreclosure resolutions.

"In 2013, the decline will be driven by continued improvement in the labor market and home prices, which are the two most important drivers of performance."

November's rate, excluding foreclosures, was 6.4 percent, lower than 6.5 percent a month earlier and 7.3 percent a year earlier.

The foreclosure rate, meanwhile, slipped to 3.0 percent from 3.1 percent and was 3.5 percent in the same month during 2011.

CoreLogic said that 112,000 pre-foreclosure filings were made in November, fewer than the 118,000 filings the prior month. During the same month a year prior, pre-foreclosure filings totaled 127,000.

Servicers completed 55,000 foreclosures during the most-recent month, fewer than the 59,000 in October and 71,000 in the year-earlier period.

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