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.


Defaults Decline

6.77% Q1 60-day delinquency

May 10, 2010

By MortgageDaily.com staff


Another report suggests loan defaults might have bottomed out. But mortgage originations have tumbled over the past year, with three states seeing production down by more than half.

Earlier today, Fitch Ratings reported that delinquency of at least 60 days on securitized subprime loans improved for the second consecutive month, while late payments on Alt-A residential mortgage-backed securities fell for the first time since April 2006.

Another report today from CoreLogic indicated that negative equity and unemployment -- "the two most important triggers of default" -- have stabilized during the past six months.

A third report, from TransUnion, indicated that 60-day mortgage delinquency during the first quarter fell for the first time in the last 12 quarters to 6.77 percent. The fourth-quarter rate was 6.89 percent, and the first-quarter 2009 rate was 5.22 percent.

Delinquency is projected to fall as low as 6.3 percent this year.

The Chicago-based credit repository based its statistics on 27 million anonymous, randomly sampled, individual credit files.

Nevada's 15.98 percent delinquency rate was higher than any other state, and No. 2 Florida had a 14.65 percent rate. Delinquency was lowest in North Dakota: 1.76 percent.

The report indicted that the rate of increase on residential delinquency of at least 90 days slowed.

"With prices beginning to rise, increasing consumer confidence and positive trends in the equity markets, home owners who are currently upside down on their mortgages may be less inclined to join the ranks of defaulters, which have been growing in number since the summer of 2008," FJ Guarrera, vice president at TransUnion's financial services business unit, said in the statement.

The average U.S. mortgage borrower owed $192,774, down from $193,690 three months earlier. Washington, D.C.'s average $369,526 mortgage was highest, and West Virginia's $99,677 was lowest.

TransUnion also reported that quarterly mortgage originations fell 38 percent from the first-quarter 2009. The decline was especially pronounced in Alaska, Utah and Idaho -- which experienced respective declines of 56 percent, 56 percent and 55 percent.

"Part of the first-quarter demand for new homes was fueled by the First-Time Homebuyer Credit, which was extended to April 30, along with the provision allowing some current home owners to also qualify," Guarrera explained. "Once this runs out, we could see some impact on mortgage demand and therefore home prices."

next story

back to current headlines

Origination News | Lender Ranking | Fundings by Lender | Statistics
Quarterly residential mortgage production by lender. Subprime, Alt-A, home equity and conforming originations. Volume by quarter since 2003.



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