The Mortgage Monitor report released by Lender Processing Services Inc. (LPS), a provider of mortgage performance data and analytics, indicated that signs of stabilization in the nation's home loan delinquency and foreclosure rates remain largely neutralized by the more than seven million loans in distress. According to the Mortgage Monitor report, the number of loans 90 or more days delinquent (including pre-sale foreclosure) declined 112,184--from 4,186,627 to 4,074,443--between March and April, with the total number of non-current U.S. loans plus real estate-owned (REO) just over 7.3 million (extrapolated to represent total mortgage market).
Conversely, deterioration ratios remain high, with two loans rolling to a "worse" status for every one loan that has improved and the overall volume of loans moving from delinquent to current status declined to a three-month low supported primarily by "artificial cures" associated with HAMP modifications. In addition, newly delinquent loans (current at year-end and 60 or more days delinquent as of April) have declined from the 2009 levels but still remain extremely high from a historical perspective, particularly within prime product.
Other key results from LPS' latest Mortgage Monitor report include:
►Total U.S. loan delinquency rate: 8.99 percent
►Total U.S. foreclosure inventory rate: 3.18 percent
►Total U.S. non-current* loan rate: 12.17 percent
States with most non-current* loans: Florida, Nevada, Mississippi, Arizona, Georgia, California, Illinois, New Jersey, Michigan and Rhode Island
States with the fewest non-current* loans: North Dakota, South Dakota, Wyoming, Alaska, Montana, Nebraska, Vermont, Colorado, Iowa and Minnesota
*Non-current totals combine foreclosures and delinquencies as a percent of active loans in that state. Note: Totals based on LPS Applied Analytics' loan-level database of mortgage assets.
LPS manages a repository of loan-level residential mortgage data and performance information from nearly 40 million loans across the spectrum of credit products. The company's research experts carefully analyze this data to produce dozens of charts and graphs that reflect trend and point-in-time observations for LPS' monthly Mortgage Monitor Report.
To review the full report, listen to a presentation of the report or access an executive summary, click here.
For more information, visit www.lpsvcs.com.