Survey: Why Borrowers are Late With Mortgage Payments

Feb 07, 2018

A total of 4.1 percent of mortgages were in some stage of delinquency during December 2018, according to data from CoreLogic

When it comes to paying a mortgage, more than half of consumers blame their late payments on a lack of funds, according to a survey conducted by ACI Worldwide and MasterCard Advisors.

In a poll of 400 consumers, 57 percent of respondents admitted that they did not have the money to cover their bills, while 34 percent blamed bad billing and payment experiences for their late reimbursements, 23 percent admitted that they forgot to pay, 17 percent prioritized other bills over their mortgage payments and 11 percent found the payment process complicated.

Millennials were particularly cranky when it came to mortgage payments. Over half of the Millennials surveyed said they are dissatisfied with current payment methods like ACH, online banking and check, while more than 30 percent said they contacted their mortgage servicer for questions and complaints regarding the payment process

But that is not to say that borrowers do not take their payments seriously. Beyond interest rates, 57 percent of respondents said they choose their mortgage lender based on how they accept payments. Steve Kramer, vice president at ACI Worldwide, noted that four of the top 20 mortgage servicers accept card payments for mortgage invoices.

“When it comes to mortgage payments, we’ve gone beyond early adopters to the early majority stage, which is further reinforced by this new data,” said Kramer. “Card payments will—and continue to—enhance ease and convenience for mortgage customers.”

About the author

Phil Hall

Link copied

Published

Feb 07, 2018

Analysis and Data

Home Sellers' Q1 Profit Margins Declined Quarterly, Annually

ATTOM reported decrease of 55.3% in the first quarter – the smallest level in more than two years.

ATTOM released its Q1 2024 U.S. Home Sales Report, revealing that profit margins for U.S. home sellers on median-priced single-family home and condo sales in the United States decreased to 55.3% in the first quarter – the smallest level in more than two years. The decline...

Regulation and Compliance

Mortgage Servicers Added To Junk-Fee Naughty List

New release from CFPB lays out areas of improvement, and concern, for mortgage servicers.

The Consumer Financial Protection Bureau (CFPB) today published new supervisory highlights describing the regulator's recent actions to combat junk fees charged by mortgage servicers, as well as other illegal practices. The CFPB has also announced that it is working to addre...