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Tag Archives: Delinquency Rate

Report: Mixed Results for Q3 Commercial Delinquency Rates

In a report released Wednesday by the Mortgage Bankers Association, delinquency rates for commercial and multifamily investor groups were very mixed in the third quarter. The trade group's study assessed loans held in commercial mortgage backed securities (CMBS) as well as performance among other investor groups, such as life insurance companies, Fannie Mae and Freddie Mac, and commercial banks and thrifts. CMBS investors are faring the worst, with delinquency rates the highest they've been since 1997.

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GSEs’ Delinquency Numbers Tell Different Stories

Fannie Mae and Freddie Mac have seen a steady falloff in the rate of loans 90 or more days overdue since early this year, but their latest figures show the rate continuing to head down for one, up for the other. Both GSEs have dialed up the pressure lately for big banks to buy back bad loans. But the lenders themselves are doing their own dialing up, only it's in the form of stronger resistance to repurchase requests. The two mortgage giants are planning to implement new lending guidelines and fee structures for riskier loans.

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Accelerated Foreclosure Activity Keeps Delinquency Growth in Check

Servicers have picked up the pace as they work through a backlog of loans that have languished in late-stage delinquency status for months, and in some cases well over a year. As a result, Lender Processing Services says lenders' foreclosure inventories have risen dramatically and are about 7.4 times above the historical average. Increases in delinquency numbers have remained subdued, however, as loans are pushed out the end of the pipeline faster than new delinquencies enter.

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Mortgage Delinquencies Drop in Third Quarter: MBA

The nation's mortgage delinquency rate declined in the third quarter as the job market showed signs of marginal improvements, the Mortgage Bankers Association (MBA) said Thursday. But lenders are still dealing with a massive backlog of defaults, and they stepped up initiations of foreclosure proceedings during the quarter. Even with an increase in foreclosure starts, MBA says the ratio of home loans in the foreclosure process declined, signaling servicers are pushing unpaid mortgages through the pipeline at a faster pace.

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LPS: More Than 7M Mortgages Are Delinquent or in Foreclosure

There are 7,043,000 mortgages in the United States that are at least 30 days past due or in the process of foreclosure, according to Lender Processing Services (LPS). The company provided a sneak peek at its October month-end mortgage performance data this week. The numbers show the delinquency rate was virtually unchanged from the previous month's reading, but foreclosures are on the rise. LPS says nearly four percent of the nation's home loans have been referred to an attorney for foreclosure.

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Grip of Financial Distress Tightens Again in Third Quarter: Report

The overall financial health of consumers showed incremental improvements in the first half of 2010, but that progress was wiped out during a span of three months due to weaker household budgets, renewed strains on housing costs, and high levels of unemployment, according to the nonprofit credit counseling agency CredAbility. The average U.S. consumer has been in financial ""distress"" for nine consecutive quarters, with consumers in some parts of the country headed for financial ""crisis.""

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Residential, Commercial Delinquencies Likely to Rise at Smaller Banks

Third-quarter delinquency rates for both residential and commercial mortgages will increase, particularly among smaller lenders, according to preliminary estimates released by Foresight Analytics. Final figures for the third quarter 2010 are not due out until late November, but based on earnings reports and call report filings from many smaller banks, Foresight Analytics offers its advance estimates of what we'll see in the final mortgage delinquency numbers for the July to September time period.

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Trepp, Fitch Report Drop in CMBS Delinquencies, Moody’s Sees Increase

Reports from three different agencies paint distinct pictures of the rate at which loans held in commercial mortgage-backed securities (CMBS) are going bad. Two tracked declines in the CMBS delinquency rate for during October - one says it's the first drop in over a year, the other says it's the first in nearly three years - and the third claims delinquencies are still rising on commercial mortgages. Hotels and multifamily complexes claim the highest delinquency rate among property types in all three reports.

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Current Mortgages Turning Delinquent Rises for First Time in a Year

During the third quarter, 2.7 percent of current mortgage balances transitioned into delinquency, according to the New York Federal Reserve. That's up from 2.6 percent that became newly delinquent in the second quarter. Fed officials called the increase ""slight"" but noted that the rise follows a full year of declines in new delinquencies. According to the federal bank's report, about 457,000 individuals received home foreclosure notices on their credit reports between July 1 and September 30, 2010.

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Fannie Mae’s Losses Narrow, but $2.5B More Needed in Aid

The nation's largest mortgage financier reported a smaller loss during the third quarter than it did in the second, with the latest figures representing a $17 billion improvement over financial results from a year earlier. Fannie Mae says, though, that it needs another $2.5 billion from taxpayers to cover its net worth deficit. The GSE also reported that home retention actions were down 14 percent in Q3, while home repossessions rose by nearly 24 percent. As of September 30, Fannie Mae's inventory of single-family REO properties stood at 166,787.

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