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Tag Archives: Equifax

First Mortgage Delinquencies on Decline

While still elevated compared to historic levels, severely delinquent balances among first mortgages are on the decline, according to Equifax's May National Consumer Credit Trends Report. The May 2012 total of delinquent balances represented $450 billion, a 37 percent decline from the peak of more than $700 billion in January 2010. The biggest drop was seen in severely delinquent (90-plus days) non-agency first mortgage loans, which fell 45 percent to $320 billion in May from its peak of $580 billion in January 2010.

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Equifax Reports Delinquencies Decline in March

Total delinquent first mortgage balances are under $500 billion in March 2012, the lowest since January 2009, according to Equifax's March National Consumer Credit Trends Report and Creditforecast.com, a joint product of Equifax and Moody's Analytics. As of March 2012, the number of outstanding first mortgages was 49.5 million, a nearly 11 percent decrease from the March 2008 peak when it reached more than 55 million. According to the report, the decline was caused by high foreclosures, loan payoffs, and low homebuyer demand.

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Credit Trends Among U.S. Consumers Point to End of Housing Downturn

Consumer credit data suggests spending will increase and the housing market will begin to emerge from its slump this year, according to Equifax and Moody's Analytics. Both companies note that as key market data align with pre-recession totals, consumers should anticipate steady economic growth for major credit sectors, including auto, bank card, and consumer finance. While the mortgage lending sector continues to see the highest percentage of delinquencies, it too is showing signs of increased traction in the coming months.

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Outstanding Mortgage Balances Declined $30B Each Month in 2011

Each month of 2011, outstanding mortgage balances in the U.S. declined by an average of $30 billion, according to a recently released report from Moody's Analytics and Equifax. The report attributes the decline to defaulted loans being written off. Aggregate delinquency rose by 6 basis points in December to 6.12 percent, according to the companies' joint study. The rate remains in line with rates seen since April but has declined since a January high of 8.25 percent.

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Report: Mortgage Delinquencies Rise, But Improvement on the Horizon

Mortgage delinquencies rose to 6.62 percent in August, according to a report from CreditForecast.com, supported by Moody's Analytics and Equifax. This is up from 6.54 percent in July. Delinquencies for both first mortgages and home equity loans posted increases for the month, rising to 6.85 percent and 4.14 percent, respectively. However, the CreditForecast.com report predicts the delinquency picture will improve later in the year with a return of economic growth.

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Shadow Inventory and REOs Loom Over National Recovery

Conditions across multiple financial sectors suggest economic stabilization and growth. It's the housing market that's holding back economic recovery, according to the credit bureau Equifax. The company's latest analysis of national credit trends points to shadow inventory and REOs as major mortgage market depressors. Growth in these areas has led to bigger write-offs. Equifax says write-off dollars for home finance in 2010 more than doubled that of 2006 and 2007 combined.

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Equifax Taps Industry Veterans as Enterprise Business Directors

Equifax announced this week that it has named Jeff Flory and Jeff Schwartzel as enterprise business directors, responsible for leading efforts to acquire new customer relationships for the consumer credit reporting agency. Flory brings more than 19 years of experience to the company, most recently as VP of business development for Financial Asset Services. Schwartzel has over 12 years of industry experience. He previously served as business development executive for Deluxe Financial Services.

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Freddie Mac’s Deputy Chief Economist Departs

After 13 years of service, Amy Crews Cutts, Freddie Mac's deputy chief economist, has left the company to join IXI Corporation, a small subsidiary of Equifax that provides services to financial institutions and consumer marketing firms to help them target consumer households based on measures of wealth, income, spending, and credit.

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Top Lenders Select the Work Number’s Point In Time

Three of the top five lenders use Point In Time for retro income verification, according to Equifax. Point In Time, a service that validates and documents a borrower's employment and income at the point of loan funding, is provided by Equifax's the Work Number, the largest source for employer employment and income verifications.

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Credit Reporting Companies Implement New Scoring Model

VantageScore 2.0, the latest credit scoring model from VantageScore Solutions, is now fully implemented at all three major credit reporting agencies - Equifax, Experian, and TransUnion. VantageScore 2.0 was created in response to significant changes in consumer credit repayment behavior, and the company says it enables lenders to better mitigate risks and make more informed lending decisions.

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