twitter linkedin
facebook google+
Search:

Mortgage News

News by Subject
Complete list of specialty news sections.

Purchase Subscription
Subscribe to MortgageDaily.com and get immediate access to all news, statistics and archives.

Mortgage Advertising
Reach mortgage executives, loan originators and other people tied to mortgage industry.

Consumer Mortgage News
Free mortgage news for prospective borrowers.

Mortgage Newsletter
Free e-mail newsletter with the latest headlines from MortgageDaily.com.

Mortgage News Reprints
Put entire MortgageDaily.com stories in your online or printed newsletter or publication.

Mortgage Feedget RSS code
Condensed MortgageDaily.com stories free on your Web site or for your RSS reader.

News Archives
Archive of MortgageDaily.com stories by month going back to 1999.

Press Releases
Reports and announcements from MortgageDaily.com.

Mortgage Statistics
Data and statistics for real estate finance.

Mortgage Directories
Directories of lenders, branch operators and mortgage service providers.

Mortgage Graphs
Directories of lenders, branch operators and mortgage service providers.

home subscribe advertise reprints e-mail help RSS about us LOG IN

Mortgage News

 

Mortgage News

HOT Topics

production

servicing

compliance

legal

fraud

secondary

jobs

appraisal

site map

www.loan-academy.com/
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.


Continued Improvement in Mortgage Performance Metrics

Total delinquency rate down 24 BPS in Q4

Feb. 20, 2014

By Mortgage Daily staff

It's been six years since the rate of past-due payments on home loans has been this low, while it's been nearly as long since the foreclosure rate has been this favorable. But on just government-insured mortgages, delinquency moved higher.

Borrowers who were at least 30 days past due or in the process of foreclosure accounted for 9.25 percent of all outstanding home loans as of the end of 2013, according to the Mortgage Bankers Association.

Delinquency retreated from Sept. 30, 2013, when the 30-day rate was 9.49 percent.

An even bigger improvement has been made since Dec. 31, 2012, when the rate of late payments was 10.83 percent.

On just the prime portion of the U.S. book of business, 30-day delinquency, including foreclosures, was 5.34 percent. Prime delinquency fell from 5.75 percent at the end of the third quarter and 6.97 percent at the end of the fourth-quarter 2012.

Subprime delinquency was 31.25 percent, off from 31.34 percent as of Sept. 30 and better than 32.23 percent as of Dec. 31, 2012.

The only category to experience deterioration from the third quarter was Federal Housing Administration loans, with the 30-day rate rising to 13.74 percent from 13.42 percent. Still, delinquency on FHA-insured loans was lower than the 15.02 percent rate in place at the end of 2012.

Delinquency fell to 7.07 percent from 7.22 percent on mortgages guaranteed by the Department of Veterans Affairs. The VA delinquency rate was also better than 8.05 percent as of a year earlier.

Reflected in the Dec. 30, 2013, total U.S. rate was a seasonally adjusted 30-day rate, excluding foreclosures, of 6.39 percent. That was the lowest delinquency rate since the first-quarter 2008, when it was 6.35 percent.

Thirty-day delinquency was 6.41 percent at the end of the third quarter and 7.09 percent at the end of 2012.

The trade group, which is hosting its annual servicing conference in Orlando, Fla., noted that mortgages originated in 2009 and earlier accounted for more than 90 percent of loans past due at least 90 days.

"This is important to note because current home prices, while still rising, are about 9 percent below the peak in 2007," MBA Chief Economist Michael Fratantoni said in the report. "Therefore, borrowers with loans originated in 2007 will be more vulnerable to traditional delinquency and foreclosure trigger events such as a divorce, job loss, health issue, or death in the household."


Mississippi had the highest 30-day rate excluding foreclosures: 11.52 percent..

Alabama followed with a 9.05 percent rate, then Louisiana's 9.04 percent, Georgia's 8.94 percent and Indiana's 8.72 percent.

North Dakota had the lowest rate in this category: 2.61 percent.

Also included in the total U.S. delinquency number was a 2.86 percent foreclosure inventory rate -- the lowest since the second-quarter 2008's 2.75 percent. The foreclosure rate was not seasonally adjusted.

The foreclosure rate was 3.08 percent three months earlier and 3.74 percent a year earlier.

At 8.56 percent, Florida had the highest foreclosure inventory rate.

Next was New Jersey's 7.90 percent. After that was 6.24 percent in New York, 5.00 percent in Maine and 4.49 percent in Connecticut.

The lowest foreclosure rate was in Wyoming at 0.63 percent.

"States with judicial foreclosure systems still accounted for most of the loans in foreclosure," the report stated. "Of the 17 states that had a higher foreclosure inventory rate than the national average, 15 of those were judicial states."

MBA said that the average foreclosure rate in judicial states was 4.92 percent versus just 1.52 percent for non-judicial states.

purchase National Delinquency Survey

next story

back to current headlines




FHA News | Government Resources | M o r t g a g e e Letters | FHA Statistics
FHA, VA and HECM mortgage news. HUD and G i n n i e news also. Originations, servicing and FHA approval.



Nonprime and Subprime News | Subprime Statistics
Stories about non-QM products. Coverage of subprime, Alt-A and
hard money lending. Home-equity loans and home-equity lines of credit.


Logout forgot
password?

SUBSCRIBERS: Edit Subscription | Subscription Help | or call 214.521.1300

Subscribe Contact Us Site Map

Copyright © 2017 Mortgage Daily, D a l l a s
Subsribers Only:

AMC directory

ARM indexes

mortgage company directory

mortgage regulations

net branch directory

p r i c i n g engine directory

wholesale lender directory

More Mortgage News Resources (full site map):

advertising news

appraisal news

bank news

biggest lenders

commercial mortgage news

corporate mortgage news

credit news

FHA news

financial regulation news

foreclosure news

GSE news

jumbo mortgage news

interest rates

loan modification news

loan originator survey

LOS Newsletter

MBS

mortgage associations

mortgage-backed securities

mortgage books

mortgage brokers

mortgage compliance

mortgage conferences

mortgage directories

mortgage education

mortgage employment

mortgage employment index

mortgage executives

mortgage fraud

mortgage fraud blog

mortgage fraud local news

Mortgage Fraud Index

Mortgage Graveyard

mortgage insurance news

mortgage lawsuits

mortgage leads

mortgage lender ranking

mortgage licenses

mortgage litigation

Mortgage Litigation Index

Mortgage Market Index

mortgage mergers

mortgage news

mortgage politics

mortgage press releases

mortgage production

mortgage public relations

mortgage rates

mortgage servicing

mortgage statistics

mortgage technology

mortgage video

mortgage Webinars

net branch

net branch directory

nonprime news

origination news

originator tools

real estate news

refinance news

reverse mortgage news

secondary marketing

social media

servicing news

subprime news

wholesale lenders