Mortgage Daily Logo

17-Year Low for Overall Mortgage Delinquency

Mortgage News

Overall mortgage delinquency fell to the lowest level in 17 years, while the rate of foreclosures has descended to the lowest level in a decade.

As of mid-2017, residential loans that were at least 30 days late or in the foreclosure inventory accounted for
5.53 percent of all such mortgages outstanding.

The non-current rate tumbled compared to three months earlier, when it was 6.10 percent. The improvement was far more significant versus 6.30 percent one year earlier.

Those details and more were provided to Mortgage Daily by the
Mortgage Bankers Association in its National Delinquency Survey Q2 2017.

“In the second quarter of 2017, the overall delinquency rate was at its lowest level since the second quarter of 2000,” MBA Vice President of Industry Analysis Marina Walsh said in an accompanying statement.

On just conventional loans, the latest non-current rate was
4.66 percent. The rate was 9.80 percent on mortgages insured by the Federal Housing Administration and 4.71 percent on loans guaranteed by the Department of Veterans Affairs.

Most recently, U.S. delinquency reflected a 4.24 percent past-due rate excluding foreclosures. That was down from 4.71 percent as of March 31 and 4.66 percent as of mid-2016.

The U.S. foreclosure inventory rate was cut to 1.29 percent from 1.39 percent at the end of the first quarter and 1.64 percent ad the same point last year.

“The foreclosure inventory rate was at its lowest level since the first quarter of 2007,” Walsh added.

New Jersey’s 4.35 percent foreclosure inventory rate was the worst in the country. New York’s 3.73 percent followed, then Maine’s 2.66 percent, Hawaii’s 2.31 percent and the District of Columbia’s 2.13 percent.

Colorado had the lowest foreclosure rate: 0.33 percent.

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