Mortgage Daily Logo

Foreclosure Decline Offsets Rise in Mortgage Lates

Mortgage News

A slight drop in the foreclosure rate was more than enough to offset a modest bump in mortgage delinquency. Serious delinquency has improved for six consecutive months.

The number of residential loans that were either delinquent at least 30 days or in the foreclosure inventory
came to 2.342 million as of the midpoint of this year.

Included in the June 30 total were 1.932 million mortgages that were at least 30 days delinquent but not in foreclosure and 410,000 loans in the foreclosure inventory.

Black Knight Financial Services reported the performance metrics on Thursday.

The delinquent loan count brought the non-current rate to 4.61 percent. The rate was down a basis point compared to May — when it plunged 27 BPS. An 80-basis point improvement has been made versus June 30, 2016.

Mississippi’s non-current rate was 10.13 percent, higher than any other state. Next was Louisiana’s 8.64 percent, then Alabama’s 7.13 percent, West Virginia’s 6.80 percent and Maine’s 6.63 percent.

At just 2.14 percent, Colorado had last month’s lowest non-current rate.

The latest non-current rate included a 3.80 percent 30-day rate excluding foreclosures. Thirty-day delinquency
inched up a basis point from May 31, 2017, but has plummeted 51 BPS from mid-2016.

Based on an analysis of Black Knight’s data, Mortgage Daily estimates that the 90-day delinquency rate, including foreclosures, was 1.09 percent last month, down 2 BPS from the prior month — when Black Knight said the rate was the lowest in 10 years. Serious mortgage delinquency has fallen each month since December 2016, when the 90-day rate was an estimated 1.34 percent.

Also reflected in the June 30, 2017, non-current rate
was an 0.81 percent pre-sale foreclosure inventory rate, down 2 BPS from a month earlier — which Black Knight previously noted was the lowest rate in a decade. The foreclosure rate was a 29-basis-point improvement over a year earlier.

There were 56,500 foreclosures started last month, more than the preceding month’s 55,800. The latest activity brought to 353,700 the number of foreclosures initiated during the first-half 2017.

Related Posts

Centex Home Equity Announces Name and Brand Change to National Mortgage, LLC

Third-Quarter 2012 Mortgage Litigation Index

Lawsuits involving excessive fees, servicing fees and loan fees beyond state maximums. Defendant Plaintiff Court Amount Overview Case Title Case Number Date Filed Date of Activity Link to Story Fannie Mae and Freddie Mac Orangeburg County, Richland County, South...

Centex Home Equity Announces Name and Brand Change to National Mortgage, LLC

Net Branch Lawsuits

Litigation involving net branch operations. Defendant Plaintiff Court Amount Overview Case Title Case Number Date Filed Date of Activity Link to Story PHH Mortgage Corp. Mathews Supreme Court of Virginia na Court held that the term "branch office" includes not only...

Centex Home Equity Announces Name and Brand Change to National Mortgage, LLC

Whistleblower Lawsuits

Litigation related to loan servicing, including escrow issues, transfer of servicing and servicing borrowers in bankruptcy and foreclosure.   Defendant Plaintiff Court Amount Overview Case Title Case Number Date Filed Date of Activity Link to Story Bank of...

Popular posts

How Long Does It Take to Refinance a Mortgage
How Long Does It Take to Refinance a Mortgage

So, you’re interested in refinancing your mortgage. Maybe you want some extra capital to do that home project you’ve always dreamed of, interest rates are nearing record lows, or you want to start consolidating debt. Regardless of the motivation behind the refinance,...

How Does Refinancing a Mortgage Work
How Does Refinancing a Mortgage Work

A home purchase is considered an investment, and a robust one at that. Savvy owners are constantly looking for new ways to reduce debt, save money, pay less in interest, and ultimately build equity. Refinancing is one way to leverage your investment and do just that....

What Does It Mean to Refinance Your Home
What Does It Mean to Refinance Your Home

You can think of refinancing your mortgage as a debt redo. Essentially, you’ll swap out the existing loan for a new one - ideally with better terms and conditions. Only this time it could help you save money on high mortgage payments, rather than just borrow it....

Setting up the Utilities in My New House
Setting up the Utilities in My New House

All the tedious, time-consuming paperwork has been signed, sealed, and delivered. Your belongings are packed into what seems like a million boxes and you have a solid plan to haul all your existing furniture to the new place. Just as your boxes and furniture need to...

When Is My First Mortgage Payment Due?
When Is My First Mortgage Payment Due?

Navigating your way through a brand-new mortgage loan can be a difficult task, especially for first-time homeowners.   After handing over a large sum of money for the down payment and closing costs, it’s important to pay attention to the timing of your first...

Newsletter

Don’t worry, we don’t spam