LPS Reports Delinquencies Drop by More Than 11 Percent in March – NMP Skip to main content

LPS Reports Delinquencies Drop by More Than 11 Percent in March

NationalMortgageProfessional.com
May 02, 2011

The March Mortgage Monitor report released by Lender Processing Services Inc. (LPS) shows that foreclosure activity picked up during the month. As of the end of March, foreclosure inventory stood at an all-time high of 2.2 million while foreclosure starts increased by 33 percent since the end of February. Foreclosure sales increased significantly as well, suggesting that the halt in activity due to various moratoria may be passing. Delinquencies continued to decline in March, dropping by more than 11 percent month-over-month (the lowest level since 2008), as more delinquent loans either cured or were moved into foreclosure. Delinquencies are down nearly 20 percent since this time last year. Early-stage delinquencies have led the decline, as fewer problem loans enter the pipeline. In fact, 30-day and 60-day delinquent inventories are now approaching pre-crisis levels. It's important to note the impact of seasonality, as the first quarter of virtually every year shows a drop in new delinquencies, and historically March is consistently the month with the largest declines. The report also found that mortgage origination activity continues to be dampened, primarily due to ongoing reduction in refinance activity. As interest rates rise and credit requirements remain more exacting, the majority of homeowners eligible to refinance may have already done so. As reported in LPS' First Look release, other key results from LPS' latest Mortgage Monitor report include: ►Total U.S. loan delinquency rate (loans 30 or more days past due, but not in foreclosure): 7.78 percent ►Month-over-month change in delinquency rate: -11.6 percent ►Year-over-year change in delinquency rate: -19.4 percent ►Total U.S. foreclosure pre-sale inventory rate: 4.21 percent
Published
May 02, 2011
Ginnie Mae Exits The Stone Age And Embraces Blockchain

'Some of the procurement stuff that we do, maybe it’s archaic, maybe it needs to be innovated.'

Industry News
Jan 26, 2022
Katten Partner To Head Women In Securitization

Katten announced that Claudine Chen-Young, a partner in its Structured Finance and Securitization practice in Washington, is the newly named chair of Women in Securitization.

Industry News
Jan 26, 2022
AFR Adds Director Of Marketing

American Financial Resources, Inc. named Lauren Blackburn as its director of marketing, where she will be tasked with driving the company's marketing strategy.

Community
Jan 26, 2022
Standard Communities Creates Affordable Housing For The 'Missing Middle'

Standard Communities is taking over housing stock in the least affordable areas in America.

Industry News
Jan 26, 2022
KBRA Assigns Preliminary Ratings To CSMC 2022-NQM1 Trust

Kroll Bond Rating Agency assigned preliminary ratings to CSMC 2022-NQM1, a $553.7 million non-prime RMBS transaction sponsored by DLJ Mortgage Capital, Inc.

Non-QM
Jan 25, 2022
Hunt Mortgage Appoints Chief Operating Officer

Bindiya Jain previously has served as a vice president at South Shore Bank and at UniBank for Saving. 

Industry News
Jan 25, 2022