|
|
|
|
|
|
Complete list of specialty news sections.
Subscribe to MortgageDaily.com and get immediate access to all news, statistics and archives.
Reach mortgage executives, loan originators and other people tied to mortgage industry.
Free mortgage news for prospective borrowers.
Free e-mail newsletter with the latest headlines from MortgageDaily.com.
Put entire MortgageDaily.com stories in your online or printed newsletter or publication.
Condensed MortgageDaily.com stories free on your Web site or for your RSS reader.
Archive of MortgageDaily.com stories by month going back to 1999.
Reports and announcements from MortgageDaily.com.
Data and statistics for real estate finance.
Directories of lenders, branch operators and mortgage service providers.
Directories of lenders, branch operators and mortgage service providers.
|
|
|
|
|
|
|
| April Late Payments Lower
12.17% noncurrent rate in April
June 1, 2010
By MortgageDaily.com staff
|
The level of delinquent mortgages improved in April, though roll rates remain a problem.
In a report released today, Lender Processing Services Inc. said residential delinquency of at least 90 days, including pre-sale foreclosures, was 12.17 percent in April. The rate improved from 12.39 percent in March.
The findings were based on LPS' loan-level database of 40 million mortgages.
Looking at the number of delinquent loans, April came in at 4,074,443, lower than March's 4,186,627. Including REOs and extrapolated to the entire U.S. market, more than 7.3 million U.S. mortgages were non-current in April.
Florida's 22.3 percent non-current rate was the highest of any state. Nevada's 21.9 percent followed, then Mississippi's 15.8 percent, Arizona's 14.6 percent and Georgia's 14.4 percent.
North Dakota's 3.9 percent was the lowest non-current rate.
Late payments, excluding the foreclosure inventory, was 8.99 percent, improving from March's 9.12 percent. In this category, Nevada's 14.6 percent was the worst.
The foreclosure inventory rate improved to 3.18 percent from 3.27 percent in March. Florida's 11.1 percent foreclosure inventory was the biggest of all states.
Despite the national improvement in delinquency, some deterioration was noted with roll rates.
"Deterioration ratios remain high, with two loans rolling to a 'worse' status for every one loan that has improved and the overall volume of loans moving from delinquent to current status declined to a three-month low supported primarily by 'artificial cures' associated with HAMP modifications," LPS said. "In addition, newly delinquent loans (current at year-end and 60 or more days delinquent as of April) have declined from the 2009 levels but still remain extremely high from a historical perspective, particularly within prime product." |
next story
back to current headlines
|
|
|
|
|
