GSE foreclosure starts on the rise in new LPS survey – NMP Skip to main content

GSE foreclosure starts on the rise in new LPS survey

NationalMortgageProfessional.com
Jul 30, 2010

The June Mortgage Monitor report released by Lender Processing Services Inc. (LPS) shows that overall foreclosure starts and foreclosure inventories have remained relatively stable; however, foreclosure starts for loans owned by the government-sponsored enterprises (GSEs) are at an all-time high. The largest percentage of GSE foreclosure starts are coming from loans that are six or more months behind on payment. This finding is consistent with the reports of increased Home Affordable Modification Program (HAMP) trial period cancellations. Total delinquent and foreclosure inventories remain at historically elevated levels with Jumbo and Agency prime product experiencing the greatest percentage increase since January 2008. The report also shows that two loans are deteriorating in status for every one loan that improved, and approximately 775,000 loans that were current at the beginning of January are at least 60 days delinquent or in foreclosure as of the end of June. Conversely, the volume of loans "curing" to a current status from most stages of delinquency has increased slightly. The greatest percentage increase in cures over the last several months has come within the late stage of delinquency (180 days or more), and is primarily attributable to HAMP trial modifications being converted to a permanent status. Other key results from LPS' latest Mortgage Monitor report include: ►Total U.S. loan delinquency rate: 9.55 percent ►Total U.S. foreclosure inventory rate: 3.65 percent ►Total U.S. non-current* loan rate: 13.2 percent ►States with most non-current* loans: Florida, Nevada, Mississippi, Georgia, Arizona ►States with the fewest non-current* loans: North Dakota, South Dakota, Alaska, Wyoming, Montana *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. For more information, visit www.lpsvcs.com.  
Published
Jul 30, 2010
Lenders Complain FGMC Is 'Radio Silent' On Loans

Company said it would stop purchasing new loans in the wake of its mass layoff last week; seeking court-approved financing.

Industry News
Jun 30, 2022
AnnieMac Home Mortgage Acquires OVM Financial

Wants to expand its outreach into the Mid-Atlantic region.

Industry News
Jun 30, 2022
Ready Life Launches Black-Owned Fintech To Help Underserved Borrowers

Ready Life, led by two Black entrepreneurs, is taking aim at the racial wealth gap by starting a mortgage fintech.

Industry News
Jun 30, 2022
FGMC Files For Chapter 11 Bankruptcy Protection

FGMC notified laid-off 471 employees late Tuesday night that it would pay severance.

Industry News
Jun 30, 2022
FGMC Paying Severance To Ex-Employees

Late-night email tells laid-off workers they'll receive one week of pay for each year of service.

Industry News
Jun 29, 2022
Texas, N.Y. Law Firms File Class-Action Suit vs. FGMC Over Layoffs

Both firms represent a former employee suing over lack of 60-day notice before mass layoff on June 24.

Industry News
Jun 29, 2022