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Late Payments Rise

13.11% residential delinquency in September

Oct. 15, 2010

By MortgageDaily.com staff


The share of home-loan borrowers who were past-due on their mortgages took a turn for the worse last month.

Residential delinquency of at least 30 days was reported Friday by Lender Processing Services Inc. at 13.11 percent as of Sept. 30. That worked out to around 7.0 million past-due loans. The level of late payments worsened from August, when the delinquency rate was 13.02 percent.

The Jacksonville, Fla.-based firm says its statistics are based on an analysis of its loan-level database of nearly 40 million mortgages.

The highest level of non-current loans -- including delinquent loans and the foreclosure inventory -- could be found in Florida, Nevada, Mississippi, Georgia and Louisiana.

The best performing states, those with the lowest non-current rates, were Montana, Wyoming, Alaska, South Dakota and North Dakota.

Reflected in last month's national numbers was a 9.27 percent rate for delinquency excluding foreclosures, higher than 9.22 percent in August. The Sept. 30 figure amounted to around 5.0 million mortgages. While delinquency deteriorated from a month earlier, it was down from around 10.05 percent a year earlier.

Also reflected in the total was a 3.84 percent foreclosure pre-sale inventory rate, also higher than August -- when the rate was 3.80 percent. The latest tally reflected around 2.1 million loans. The foreclosure rate was around 3.71 percent a year ago.

The findings from LPS come as the first mortgage lender to report third-quarter delinquency, JPMorgan Chase & Co., said residential loans that were at least 30 days past due fell 11 basis points from the second quarter.

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