Delinquency Rate Dropped 4.25% In October

The national delinquency rate continued to improve at a slow but steady pace last month, with especially impactful declines for loans overdue by 30 days or more, according to Black Knight’s October 2021 “first look” report. Delinquencies dropped another 4.25% at the end of October to 3.74%. The decline was pushed by significant changes in longer delinquencies. Loans 30 or more days past due dropped by 82,000, bringing their total below 2 million for the first time since the beginning of the pandemic.  Serious delinquencies also saw huge drops, declining by 10%, or 127,000 loans. Black Knight attributes that dip to the first wave of homeowners in forbearance beginning to make payments again. The report predicts more improvement in this…

Delinquencies Dropped To 4.88% In Q3

Delinquencies dropped for mortgages on one-to-four-unit residential properties in Q3 2021, according to the Mortgage Bankers Association’s (MBA) National Delinquency Survey. The seasonally adjusted rate fell to 4.88% of all outstanding loans, down 59 basis points for Q2 and 277 basis points year-over-year (YOY). The survey asked servicers to report loans in forbearance as delinquent if the payment was not made based on the original terms of the mortgage. “For the fifth consecutive quarter, the mortgage delinquency rate declined, commensurate with a decline in the U.S. unemployment rate over the same time period,” said Marina Walsh, CMB, MBA’s Vice President of Industry Analysis. “The improvement was driven entirely by a decline in later-stage delinquent loans – those loans that are…

Forbearance Climbs Slightly; Delinquencies Down

The share of mortgages in forbearance in the United States increased ever so slightly in mid-November, while a second report released Monday found that mortgage delinquencies overall were down in October. The Mortgage Bankers Association weekly report found: Total loans in forbearance from 5.47 percent to 5.48 percent as of November 15, which works out to about 2.7 million mortgages in the United States.The share of Ginnie Mae loans in forbearance increased from 7.70 percent to 7.73 percent.The share of Fannie Mae and Freddie Mac loans in forbearance decreased from 3.36 percent to 3.35 percent.Independent mortgage bank-managed loans in forbearance held steady at 5.94 percent, while bank-manage mortgages climbed from 5.43 percent to 5.44 percent. “A marked slowdown in forbearance…

Mortgage Delinquencies Jump In Q2

By Jim Perskie The delinquency rate for home mortgages increased by nearly 4 percentage points during the second quarter as the Covid-19 pandemic fully took hold in the United States, the Mortgage Bankers Association announced Monday. The rate climbed to 8.22 percent of all mortgage loans at the end of June – up 386 basis points from the end of the first quarter and 369 basis points from a year ago. New Jersey (up 628 basis points) and Nevada (up 600 basis points) led the way with the biggest increases. “The COVID-19 pandemic’s effects on some homeowners’ ability to make their mortgage payments could not be more apparent. The nearly 4 percentage point jump in the delinquency rate was the biggest…

Mortgage Delinquency Rate Nearly Doubles In April

The national delinquency rate on mortgages nearly doubled in the United States in April as the economic impacts of the coronavirus pandemic shutdowns fully took hold across the country, according to a report released Thursday by Black Knight. At the end of April, 3.6 million homeowners were past due on their mortgages – the largest number in more than five years. The delinquency rate was 6.45 percent for the month, up from 3.39 percent in March – the largest single-month increase ever recorded and nearly three times higher than the previous record set in 2008. Delinquency increases in Nevada (5.2 percent), New Jersey (5.1 percent) and New York (+4.9 percent) led the states, while Miami (7.2 percent), Las Vegas (6.2…

Mortgage Delinquency Rate Climbs In Q1

The delinquency rate for mortgages on residential properties increased to 4.36 percent at the end of the first quarter, according to a Mortgage Bankers Association survey released Tuesday. The MBA’s National Delinquency Survey found that the delinquency rate on one- to four-unit properties was up 59 basis points from the fourth quarter of 2019 and down 6 basis points from a year ago. “The mortgage delinquency rate in the fourth quarter of 2019 was at its lowest rate since MBA’s survey began in 1979,” said Marina Walsh, MBA vice president of Industry Analysis. “Fast-forward to the end of March, and it is clear the COVID-19 pandemic is impacting homeowners.” The survey found: The percentage of loans on which foreclosure actions…