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Tag Archives: Delinquency Rate

Past Due Mortgages = 6,397,000

New data released by Lender Processing Services (LPS) Tuesday shows the population of mortgages going unpaid in the United States contracted during the month of August. LPS offered the media a sneak peak at several key mortgage performance statistics slated for public release later this month. The company says there were 6,397,000 home loans at least 30 days delinquent or in foreclosure as of the end of August. That's down from 6,538,000 the month before.

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Commercial and Multifamily Delinquencies Drop: MBA Report

Commercial and multifamily mortgage delinquency rates among four out of five major investor groups decreased in the second quarter of 2011, with only the 30-day delinquency rate for loans held in commercial mortgage-backed securities increasing, according to the Mortgage Bankers Association. The rate for loans held by FDIC-insured banks and thrifts that were at least 90 days delinquent decreased 0.25 percent between the first and second quarters, while delinquencies for life company portfolios and the GSEs both declined, but by smaller ratios.

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GSEs’ Long Run of Declining Delinquencies Comes to an End

For the first time in over a year neither Fannie Mae nor Freddie Mac are showing any downward movement in their seriously delinquent mortgage rates. Fannie's percentage of single-family loans at least three payments past due remained unchanged between the months of June and July at 4.08 percent. Freddie's increased one basis point to 3.51 percent. The Federal Housing Finance Agency says foreclosure prevention actions completed on loans held by the two mortgage financiers have declined for four consecutive quarters.

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CMBS Delinquencies Decrease for Third Month in Past Four

After rising in July, CMBS delinquencies picked up their downward trend again in August, decreasing 36 basis points to 9.52 percent. This drop is the third in the past four months, according to analysis released by Trepp LLC, a provider of commercial real estate data. Serious delinquencies also declined for the month and now make up 8.79 percent of commercial mortgage loans. According to Trepp, August's decline was the largest recorded since 2008 when the credit crisis began.

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Unemployment Rate Holds at 9.1% with No New Jobs Added in August

The national unemployment rate held at 9.1 percent as the U.S. economy added no new jobs during the month of August, according to figures released Friday by the U.S. Department of Labor. Analysts were expecting some semblance of job growth in the highly anticipated report, although forecasts were all over the map, from as high as 93,000 new jobs to as low as 16,000 and everywhere in between - representative of just how disjointed the economy itself has become in recent months.

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Servicers’ Proprietary Mods Increase 11% as Foreclosure Stats Drop

Mortgage servicers completed 56,000 permanent loan modifications through their own proprietary assistance programs during the month of July, according to figures released Wednesday by HOPE NOW. July's tally represents an 11 percent increase over the 50,000 proprietary mods reported in June. At the same time, foreclosure sales fell by 11 percent month-to-month and newly initiated foreclosure actions slipped 5 percent. HOPE NOW also found that the redefault rate for proprietary modifications is 20 percent.

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LPS Puts Average Delinquency+Foreclosure Timeline at 599 Days

The average mortgage loan in foreclosure has been delinquent for 599 days, according to Lender Processing Services (LPS). That's a record for the company's regular monthly study on mortgage performance trends. As of the end of July, LPS counted 2.2 million loans that were in foreclosure and nearly 1.9 million that were over 90 days past due but had not yet started the foreclosure process. The company also found that 38 percent of July's foreclosure starts were repeat foreclosures.

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On Mortgage Defaults, UFA Says Industry Headed for Recovery

The default risk associated with newly originated mortgages continues to improve, according to the analysts at University Financial Associates (UFA). The company's default risk index for the third quarter indicates that with today's economic conditions, lenders and investors should expect defaults on new loans to be 32 percent higher than loans from the 1990s. That's down from an elevated risk of 41 percent during the first part of this year. UFA says at this rate, ""normalcy may not be far away"" for default and prepayment indicators.

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S&P/Experian: Default Rates Decline Monthly and Annually

Default rates on both first and second mortgages declined in July, according to the S&P/Experian Consumer Credit Default Indices. Second mortgage defaults decreased from 1.4 percent in June to 1.25 percent. The first mortgage default rate for the month of July was 1.93 percent, down from 2.02 percent the previous month. Both measurements also declined from a year earlier. S&P says July's data support the downward trend the company has observed over the past two years.

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Moody’s: CMBS Delinquencies Hold Above 9% for Seventh Month

The delinquency rate on loans in U.S. commercial mortgage-backed securities (CMBS) rose 22 basis points in July to hit 9.24 percent, according to Moody's. The increase follows two months in which delinquencies edged lower, and marks the seventh consecutive month the rate has come in above the 9 percent mark. The balance of loan delinquencies increased by $835 million last month. Moody's says CMBS delinquencies are likely to remain in the high single-digit range for the near term.

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