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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.

Loan Performance Continues Deterioration

30-day rate up 2 consecutive months, foreclosures higher than year earlier

June 20, 2012

By staff

Home-loan defaults have risen each of the past two months, while the foreclosure rate now stands higher than it did a year ago. But the number of non-current loans was lower.

The rate of residential delinquency, including loans at least 30 days past due and mortgage in the process of foreclosure, was 11.32 percent during May.

Delinquency deteriorated from April, when the rate was 11.26 percent. It was the second month in a row that loan performance was worse.

Lender Processing Services Inc. previously reported that the rate of non-current loans was 12.07 percent in May 2011.

Nearly 40 million loans are included in LPS' loan-level database from which the statistics were extrapolated.

The number of non-current loans fell, however, to 5,569,000 last month from April's 5,570,000 mortgages and sat well below the 6,351,000 delinquent loans as of the same month last year.

Florida, Mississippi, New Jersey, Nevada and Illinois had the highest level of non-current loans during May.

Last month's lowest delinquency rates could be found in Montana, Alaska, South Dakota, Wyoming and North Dakota.

Excluding loans in foreclosure, one-month delinquency climbed to 7.20 percent from 7.12 percent. It was also the second consecutive month that the 30-day rate was worse. But delinquency was still better than May of last year, when it stood at 7.96 percent.

The foreclosure rate slipped 2 BPS from April to 4.12. But the foreclosure rate inched up from 4.11 percent in the same month during 2011.

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