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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.

New Delinquency Surges

Non-current rate jumps 36 BPS in September

Oct. 23, 2012

By Mortgage Daily staff

The latest report on residential delinquency showed that following a three-month run of declining late payments, early-stage delinquency had significant uptick last month. The foreclosure rate, however, was lower.

Home loan delinquency was 11.27 percent in September. The rate was based a total of 5,640,000 mortgages that were either in the foreclosure pre-sale inventory or at least 30 days past due.

Past-due payments increased from the previous month, when 5,450,000 loans were delinquent and the non-current rate was 10.91 percent.

Still, delinquency remains well below the 12.27 rate in September 2011, when 6,373,000 mortgages were a month overdue.

The data was released by Lender Processing Services Inc.

States with the highest rates of delinquency were Florida, Mississippi, New Jersey, Nevada and Louisiana.

Montana, Alaska, South Dakota, Wyoming and North Dakota came in with the lowest delinquency rates.

Last month's deterioration was concentrated in the 30-day category excluding loans in foreclosure, with the U.S. rate climbing 53 basis points from August to 7.40 percent. The 30-day rate has not increased since May, when it stood at 7.20 percent.

In September 2011, the 30-day rate was 8.09 percent.

But the foreclosure pre-sale inventory rate fell 17 BPS from a month earlier to 3.87 percent. The year-earlier foreclosure rate was 4.18 percent.

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