In September, foreclosure inventory in the U.S. fell to its lowest level in more than six years while delinquencies also significantly declined, according to Black Knight Financial Services' First Look at September Mortgage Data released on Friday. The percentage of current residential mortgage loans in some state of foreclosure fell to 1.76 percent, its lowest level since February 2008. The overall number of mortgage loans in the foreclosure process totaled about 893,000 for September, a decline of 33 percent from the same month a year ago when about 1.33 million mortgage loans were in foreclosure.
Residential mortgage loans that were delinquent, or 30 days or more overdue but not in foreclosure, totaled about 2.9 million in September – a decline of 3.9 percent, or about 117,000 loans, nearly erasing the increase delinquent loans experienced in August. The number of delinquent loans is down 12.2 percent since September 2013. The total number of seriously delinquent loans, those 90 or more days overdue, fell by about 25,000 from August to September down to 1.1 million, the lowest total since August 2008.
Wingspan Portfolio Advisors, a diversified mortgage services firm headquartered in Dallas, appointed its current EVP of national operations, Jason Spooner, as president following a multi-million dollar capital infusion from its stockholder investor group. The news follows Thursday's announcement that insurance claims management firm Dimont & Associates, which Wingspan acquired in May 2013, had broken away as an independent company after receiving capital from institutional investors.