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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.

November Delinquency Deteriorates

30-day delinquency at 12.31 percent

Dec. 19, 2011

By staff

A decline in the U.S. foreclosure rate was more than offset by a 22-basis-point jump in the rate of loans that were a month or more past due.

The 6,260,000 mortgages that were at least 30 days' delinquent or in the process of foreclosure accounted for 12.31 percent of the nation's collective residential loans as of Nov. 30.

Delinquency climbed from 12.22 percent in October, according to data reported by Lender Processing Services Inc., which reports a loan-level database of almost 40 million loans. October's delinquent loan count was 6,298,000 mortgages.

With the number of distressed loans subsiding even though the delinquency rate rose, it is possible there was either deterioration in the jumbo loan segment or a big runoff in the U.S. residential loan portfolio.

There was no change from the previous month in the states with the highest delinquency: Florida, Mississippi, Nevada, New Jersey and Illinois.

A slight shift in ranking was detected among the five states with the lowest delinquency rates: Montana, South Dakota, Wyoming, Alaska and North Dakota.

It's the second recent report to indicate deterioration in delinquency last month; an estimate of Radian Group Inc.'s delinquency rate indicates a 5-basis-point increase in November from October.

LPS said that home-loan performance was still better, however, than in November 2010, when the total delinquency rate was 13.10 percent.

Without factoring in foreclosures, the U.S. 30-day rate moved to 8.15 percent from October's 7.93 percent.

Foreclosures, however, dropped to 4.16 percent from 4.29 percent.

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