Tag Archives: Delinquency Rate

Lender Processing Services provided the media with a first look at the company's mortgage performance statistics for the month of September. The industry's foreclosure inventory continued its downward trend, and while delinquencies were up slightly from the previous month, they were down when comparing the numbers year-over-year. All-in-all, there are 4,594,000 mortgages going unpaid in the United States.

Bank of America exhibited healthy growth during the third quarter despite an expected weakening in its mortgage banking operations, according to the company's Q3 earnings report released Wednesday. BofA's third-quarter net income was $2.5 billion, a significant increase compared to $340 million reported for Q3 2012. Its consumer real estate services division, though, reported a net loss of $1 billion.

Servicers completed 67,000 mortgage loan modifications in August, bringing the total for the year to 580,000, according to HOPE NOW. Loan modifications increased 8 percent in August when compared to the month prior, and year-to-date loan mods outpace foreclosure sales by about 142,000. HOPE NOW reports about 23,000 short sales were completed in August.

Overall residential shadow inventory, as of July 2013, was 1.9 million homes, according to CoreLogic. That's the lowest shadow inventory tally reported since August 2008. The industry's current shadow inventory carries a value of $293 billion, down from $380 billion in July 2012. It represents 3.7 months' of supply and accounts for 85 percent of the 2.2 million properties that were seriously delinquent, in foreclosure, or bank-owned at July month-end.

The number of homeowners eligible for refinancing has shrunk from about 10 million in December 2012 to about 5.7 million as of August, according to Lender Processing Services' (LPS) latest Mortgage Monitor report. LPS cites heightened refinance activity over the past few years and rising interest rates as reasons for the decline and sees a market ripe for home equity lines of credit as a result of rising prices.

The summer is over and with it the end of re-runs of (some of) our favorite shows. There might even be some original movies, not sequels or prequels. But, there’s one more re-run we have to endure but with a new twist: Republicans in Congress balking at increasing the debt ceiling and threatening a government shutdown when the federal fiscal year ends October 1 unless and this is the twist legislation passed by the Congress and signed into law by the President is tweaked, modified, changed, delayed or otherwise abandoned .

Radian Guaranty Inc. reported a decline in primary mortgage insurance delinquencies in August. The monthly release, based on statistics reported to Radian from loan servicers, showed delinquent inventory fell by 11,715 (15.2 percent) over August to end the month at 65,427. The majority of the monthly decline came from a master transaction agreement with Freddie Mac which removed its exposure to 9,756 loans that were delinquent as of December 31, 2011 (in addition to 4,586 re-performing loans).

Commercial and multifamily mortgage delinquency rates fell across all major investor groups in the second quarter, the Mortgage Bankers Association (MBA) reported. The 60+ day delinquency rate for multifamily loans held or insured by Freddie Mac fell 0.07 percentage points to 0.09 percent, while the delinquency rate for Fannie Mae-held loans fell 0.11 percentage points to 0.28 percent. FDIC-insured banks and thrifts reported a 2.16 percent 90+ day delinquency rate for their commercial/multifamily loans, a drop of 0.26 percentage points.

Radian Guaranty Inc., the mortgage insurance subsidiary of Radian Group Inc., has entered into a master transaction agreement with Freddie Mac which the company says eliminates its claim exposure on 9,756 delinquent mortgage loans and 4,586 re-performing loans. The agreement involves a group of 25,760 first-lien mortgages held by Freddie Mac that were insured by Radian and were delinquent as of December 31, 2011. The agreement spells out future claim payments, loss mitigation activity, and insurance coverage of these loans.

As home prices improve and headlines spell out recovery, those on the ground in housing markets across the country are encountering a new threat: zombies. These so-called zombie foreclosures take place when a bank initiates foreclosure on a property but then abandons the process, leaving the property in a sort-of no-man's land--vacant but not for sale.