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LPS Reports Increase in Jumbo Prime Foreclosures

""Lender Processing Services, Inc."":http://www.lpsvcs.com (LPS), a provider of integrated technology and services to the mortgage industry, has released its ""February 2009 LPS Mortgage Monitor"":http://www.lpsvcs.com/NEWSROOM/INDUSTRYDATA/Pages/default.aspx. Among the findings, LPS reports that foreclosure starts have continued to increase across major product types over the past several months despite moratoria and mitigation.
In the report, LPS compares agency versus non-agency jumbo prime performance and reveals a surprising fact about the relative performance of newly originated jumbo prime loans. Non-agency jumbo prime foreclosure starts have increased almost 125 percent since January 2008, the most amongst the product types included in the report.
The report also shows that 25 percent of mortgage loans that were modified in Q4 2008 were delinquent by the end of January 2009. Other available data includes statistics about overall delinquency rates, how seasonality may be impacting those rates, foreclosure inventories, and the status of loans prior to modifications.
""LPS' Mortgage Monitor"":http://www.lpsvcs.com/NEWSROOM/INDUSTRYDATA/Pages/default.aspx report reveals mortgage industry performance indicators as of January month end, and is based on data from the company's repository of loan-level residential mortgage data and performance information, including more than 34 million active loans across the credit spectrum. This data is analyzed by LPS to reflect both trend and point-in-time performance observations.

About Author: Carrie Bay

Carrie Bay is a freelance writer for DS News and its sister publication MReport. She served as online editor for DSNews.com from 2008 through 2011. Prior to joining DS News and the Five Star organization, she managed public relations, marketing, and media relations initiatives for several B2B companies in the financial services, technology, and telecommunications industries. She also wrote for retail and nonprofit organizations upon graduating from Texas A&M University with degrees in journalism and English.

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