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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.

Serious Late Payments Deteriorate

13.20% delinquency in June

July 30, 2010

By staff

Serious delinquency took a turn for the worse last month, while the number of outstanding U.S. mortgages has declined by nearly a million over the past 13 months. When it comes to the foreclosure rate, no state can touch Florida.

Total mortgage delinquency of at least 90 days rose to 13.20 percent last month from 12.38 percent on May 31. The number of non-current loans worked out to 7,137,290.

The findings were released yesterday in the LPS Mortgage Monitor report for June. The statistics were extrapolated from LPS records on 36,208,618 loans as of May 31.

The state with the worst non-current rate was Florida: 23.8 percent. Nevada followed with 22.0 percent, then Mississippi's 18.5 percent, Georgia's 15.9 percent and Arizona's 15.0 percent.

The lowest rate was in North Dakota: 4.6 percent.

The June 30 U.S. rate reflected a 9.55 percent delinquency rate, rising from May's 9.20 percent. The delinquency rate was worst in Mississippi, where it stood at 15.8 percent.

Also included in the June non-current rate was a U.S. foreclosure rate of 3.65 percent, up from 3.18 percent. Florida's 12.5 percent was by far the worst of any state (the next highest was Nevada's 8.2 percent).

"The largest percentage of GSE foreclosure starts are coming from loans that are six or more months behind on payment," LPS explained -- adding that increased cancellations of Home Affordable Modification Program trial periods are a factor.

The biggest increases in delinquency since January 2008 have been in jumbo and agency prime mortgages.

LPS said that around 775,000 loans which were current at the beginning of January were at least 60 days past due or in foreclosure at the end of last month.

"Conversely, the volume of loans 'curing' to a current status from most stages of delinquency has increased slightly," the report said. "The greatest percentage increase in cures over the last several months has come within the late stage of delinquency (180 days or more), and is primarily attributable to HAMP trial modifications being converted to a permanent status."

The total number of active mortgages were 54,069,378 as of June 30, fewer than 54,175,993 a month earlier and 54,840,348 a year earlier. Outstanding loans have fallen by nearly a million since May 2009, when the total was 55,020,447.

Based on May 31, 2010, data, around 60 percent of outstanding mortgages were agency prime, while mortgages insured by the Federal Housing Administration or guaranteed by the U.S. Department of Veterans Affairs accounted for roughly 17 percent, and another 6 percent were non-agency prime. Subprime mortgages made up 8 percent, Alt-A accounted for 5 percent and non-agency jumbo prime share was 2 percent. Another 2 percent were payment-option adjustable-rate mortgages.

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