By KIMBERLEY HAAS The president of Cornerstone Servicing says they are prepared for both ups and downs in 2024. Toby Wells said in a recent interview with The Mortgage Note that although industry leaders hope for improvements after a tough year in 2023, people are worried about how much financial pressure American homeowners are under….
By KIMBERLEY HAAS Distressed homeowners who get behind on their mortgage bills are avoiding foreclosure. The Mortgage Bankers Association’s National Delinquency Survey was released last week and it showed that delinquencies increased in the third quarter to a rate of 3.62%, up 25 basis points from the second quarter and 17 basis points from a…
Despite the market correction, housing ended 2022 on a strong note, CoreLogic reports. Delinquencies and foreclosures were historically low throughout 2022 and remained that way at year-end, with both seeing only minor upticks in December compared to the previous six months. Both hit their bottoms in early 2022 and have barely moved since. Only 3%…
Mortgage loan delinquencies dropped to 3.45% of all loans outstanding in Q3 2022, once again breaking the record for the lowest point since 1979. According to MBA’s National Delinquency Survey, delinquencies were down 19 BPS from Q2 and 143 BPS from a year earlier. Foreclosure starts and loans in the process of foreclosure also fell…
The historically low delinquency rate dropped further in August, closing in on May 2022’s record low, but rising foreclosure starts may cause it to increase, according to Black Knight’s First Look at August 2022 mortgage data. Nationally, delinquencies dropped 3.6% in August to 2.79%. This is just four basis points above May’s record. Improvements were…
Mortgage delinquencies and foreclosure starts increased in June but ultimately stayed below pre-pandemic levels, according to Black Knight’s First Look at June 2022 data. The national delinquency rate rose by nine basis points month-over-month to 2.84%. But the three months prior saw consecutive record lows in delinquencies, meaning the boost has little bite. The increases…
Delinquencies fell for the thirteen consecutive month in April, down 1.8% YOY and unchanged from the month prior, according to CoreLogic’s latest Loan Performance Insights Report. Only 2.9% of mortgages across the nation were in some stage of delinquency in April. Serious delinquencies, those which are 90 days or more past due, have seen the…
Delinquencies dropped to another record low in March, with only 2.7% of all mortgages in the U.S. experiencing some stage of delinquency, according to CoreLogic’s monthly Loan Performance Insights Report. Delinquencies were down 2.2 percentage points from March 2021, when they were at 4.9%. The share of early-stage delinquencies, or loans 30 to 59 days…
Commercial and multifamily delinquencies fell in Q1 2022, according to the Mortgage Bankers Association’s (MBA) Commercial/Multifamily Delinquency Report. MBA looked at commercial/multifamily delinquency rates for five of the largest investor groups: commercial banks and thrifts, commercial mortgage-backed securities (CMBS), life insurance companies, and Fannie Mae and Freddie Mac. These groups hold more than 80% of…
The delinquency rate nationwide dropped to 2.80% in April, as overall delinquencies fell almost 40% YOY, according to Black Knight’s “first look” at its April 2022 month-end mortgage performance stats. The numbers reflect the mortgage market’s continued recovery from pandemic impacts. Prepayment activity dropped 19.1% from March and is down 61.8% YOY due to rapidly…
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