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DS News Webcast: Thursday 04/23/2015

The nationwide mortgage delinquency rate fell to an eight-year low following its largest month-over-month decline in nine years, according to Black Knight Financial Services' First Look at Mortgage Data for March 2015 released Wednesday. The delinquency rate dropped to 4 point 70 percent for March, the first time the rate has been below 5 percent since August 2007. The rate fell by 12 percent since February, the largest month-over-month decline in nine years. The number of loans 30 days or more but not in foreclosure for March totaled approximately 2 point 38 million.

The percentage of loans 90 days or more delinquent but not in foreclosure also declined substantially month-over-month and year-over-year in March by 96 thousand and 228 thousand, respectively, down to 971 thousand loans. The number of residential properties with loans 30 days or more overdue or in foreclosure was 3 point 16 million for March, also a substantial month-over-month and year-over-year decline.

The Federal Housing Finance Agency has issued a statement saying it has not consented nor will it consent to the foreclosure of a GSE-backed mortgage loan when initiated by a homeowners association that has attached super-priority lien status to a mortgage loan. Several states currently allow HOAs to enforce the super-priority lien status and foreclose on a home non-judicially when the owner falls behind on his or her HOA dues–thus extinguishing the note held by the mortgagee, which in many cases suffers losses totaling hundreds of thousands of dollars as a result.

You can check out these stories—and all the latest happenings in the industry—right here on our site. Thanks for joining us. We’ll see you again on Friday. Until then, stay with DSNews.com for all of your most relevant default servicing news.

About Author: Francesca Shirk

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