HOPE NOW report: Mortgage lending industry modified 123,000 mortgages in Januaury
Lender Processing Services releases February 2009 Mortgage Monitor Report MortgagePress.comLender Processing Services, non-agency jumbo prime foreclosure, February 2009 LPS Mortgage Monitor Lender Processing Services Inc., a provider of integrated technology and services to the mortgage industry, has announced the release of the February 2009 LPS Mortgage Monitor, an in-depth report of mortgage industry performance indicators as of January month end. The monthly report is based on data from the company's market-leading repository of loan-level residential mortgage data and performance information, including more than 34 million active loans across the credit spectrum. This data is analyzed by LPS to produce over 30 charts and graphs reflecting both trend and point-in-time performance observations. Among the findings, LPS reports that foreclosure starts have continued to increase across major product types over the past several months despite moratoria and mitigation. In the report, LPS compares Agency versus Non-Agency Jumbo Prime performance and reveals a surprising fact about the relative performance of newly originated Jumbo Prime loans. Non-Agency Jumbo Prime foreclosure starts have increased almost 125 percent since January 2008, the most amongst the product types included in the report. The report also shows that 25 percent of mortgage loans that were modified in Q4 2008 were delinquent by the end of January 2009. Other available data includes statistics about overall delinquency rates, how seasonality may be impacting those rates, foreclosure inventories, the status of loans prior to modifications and much more. To review the full report or access an executive summary, click here. For more information, visit www.lpsvcs.com.