Lender Processing Services' December 2009 Mortgage Monitor Report Reveals One
Started by marco_m
about 16 years ago
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Member since: Dec 2008
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PR Newswire JACKSONVILLE, Fla., Jan. 11 JACKSONVILLE, Fla., Jan. 11 /PRNewswire-FirstCall/ -- The December Mortgage Monitor report, released by Lender Processing Services, Inc. (NYSE: LPS), a leading provider of mortgage performance data and analytics, showed that one in every 7.5 homeowners in the United States is either behind on mortgage payments or in foreclosure. The December 2009 Mortgage... [more]
PR Newswire
JACKSONVILLE, Fla., Jan. 11
JACKSONVILLE, Fla., Jan. 11 /PRNewswire-FirstCall/ -- The December Mortgage
Monitor report, released by Lender Processing Services, Inc. (NYSE: LPS), a
leading provider of mortgage performance data and analytics, showed that one
in every 7.5 homeowners in the United States is either behind on mortgage
payments or in foreclosure. The December 2009 Mortgage Monitor report is an
in-depth summary of mortgage industry performance indicators based on data
collected as of November 30, 2009.
Total delinquencies, excluding foreclosures, increased to a record high 9.97
percent, representing a month-over-month increase of 5.46 percent and a
year-over-year increase of 21.29 percent. Loans rolling to a more delinquent
status totaled 5.01 percent compared to 1.52 percent of loans that improved.
Of loans that were current in December 2008, 4.37 percent were either 60 or
more days delinquent or in foreclosure by the end of November 2009, a rate
higher than any other year for the same period.
Foreclosure inventories also continued to climb to new highs with November's
foreclosure rate at 3.19% – a month-over-month increase of 1.46 percent and a
year-over-year increase of 81.41 percent. Compared to 2005 levels, foreclosure
inventories across all loans are now nearly seven times higher, while jumbo
loan foreclosure inventories are nearly 100 times more than levels four years
ago.
Foreclosure starts continued to decline as a result of loss mitigation efforts
like the federal government's Home Affordable Modification Program (HAMP) and
elevated delinquent loan volumes. The reduction in foreclosure starts,
combined with the steady increase in the number of seriously delinquent loans,
has resulted in an ever-growing "shadow" inventory of troubled properties.
Other key results from LPS' December Mortgage Monitor include:
Total U.S. loan delinquency 10.0 percent
rate:
Total U.S. foreclosure 3.2 percent
inventory rate:
Total U.S. non-current* loan 13.2 percent
rate:
States with most non-current* Florida, Nevada, Mississippi, Arizona,
loans: Georgia, California, Michigan, Indiana, Ohio
and Illinois
States with fewest non-current* North Dakota, South Dakota, Alaska, Wyoming,
loans: Montana, Nebraska, Vermont, Colorado, Oregon
and Iowa
*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 the nation's leading repository of loan-level residential mortgage
data and performance information from approximately 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, visit
http://www.lpsvcs.com/NEWSROOM/INDUSTRYDATA/Pages/default.aspx.
About Lender Processing Services
Lender Processing Services, Inc. (LPS) is a leading provider of integrated
technology and services to the mortgage and real estate industries. LPS offers
solutions that span the mortgage continuum, including lead generation,
origination, servicing, workflow automation (Desktop), portfolio retention and
default, augmented by the company's award-winning customer support and
professional services. Approximately 50 percent of all U.S. mortgages by
volume are serviced using LPS' Mortgage Servicing Package (MSP). In fact, many
of the nation's top servicers rely on MSP, including eight of the top 10 and
14 of the top 20. LPS also offers proprietary mortgage and real estate data
and analytics for the mortgage and capital markets industries. For more
information about LPS, visit www.lpsvcs.com.
SOURCE Lender Processing Services, Inc.
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Response by Riversider
about 16 years ago
Posts: 13572
Member since: Apr 2009
Foreclosure starts continued to decline as a result of loss mitigation efforts
like the federal government's Home Affordable Modification Program (HAMP) and
elevated delinquent loan volumes. The reduction in foreclosure starts,
combined with the steady increase in the number of seriously delinquent loans,
has resulted in an ever-growing "shadow" inventory of troubled properties.
The modifications start out as temporary. Most of the modifications don't stick because the borrowers don't actually qualify. The irony is that borrowers can "self document" their income before the trial modification. If delinquencies are going up and foreclosures are not, then you don't need a rocket scientist to tell you what's next.
Foreclosure starts continued to decline as a result of loss mitigation efforts
like the federal government's Home Affordable Modification Program (HAMP) and
elevated delinquent loan volumes. The reduction in foreclosure starts,
combined with the steady increase in the number of seriously delinquent loans,
has resulted in an ever-growing "shadow" inventory of troubled properties.
The modifications start out as temporary. Most of the modifications don't stick because the borrowers don't actually qualify. The irony is that borrowers can "self document" their income before the trial modification. If delinquencies are going up and foreclosures are not, then you don't need a rocket scientist to tell you what's next.