first_img Data Provider Black Knight to Acquire Top of Mind 2 days ago About Author: Alison Rich The numbers sure look rosy. To begin with, the 30-plus delinquency rate, the most comprehensive measure of mortgage performance, is near a 10-year low. In May 2016, the rate totaled 5.3 percent. By contrast, 4.5 percent of mortgages were delinquent by at least 30 days or more this May, including those in foreclosure.A 0.8-percentage-point dampening in the overall delinquency rate is clearly a step in the right direction. But there’s more to it than meets the eye, so says Frank Nothaft, Chief Economist at CoreLogic, in the company’s May 2017 Loan Performance Insights report.“Strong employment growth and home price increases have contributed to improved mortgage performance,” Nothaft said. “Early-stage delinquencies are hovering around 17-year lows, and the current-to-30-day-past-due transition rate remained low at 0.8 percent. However, the same positive economic conditions helping performance have also contributed to lack of affordable supply, creating challenges for homebuyers.”In a similar vein, a protracted period of relatively tight underwriting standards has driven down mortgage delinquencies to pre-crisis levels, said CoreLogic President and CEO Frank Martell. As of this May, the foreclosure inventory rate stood at 0.7 percent compared with 1 percent in May 2016.Defined as 90 days or more past due, including loans in foreclosure, serious delinquencies are also on a downslope. Except for Alaska and North Dakota, which both recorded increases, each of the remaining states noted a decrease in its serious delinquency rate.All that positivity comes with a caveat, Martell cautioned: “As pressure to relax underwriting standards increases, the industry needs to proceed carefully and take progressive, sensible actions that protect hard-fought improvements in mortgage performance.”Tempering aside, the numbers presage a robust future for the servicing sector, the report contends: “The continued improvement in mortgage performance bodes well for the health of the U.S. market in 2017. Servicers Navigate the Post-Pandemic World 2 days ago August 15, 2017 1,514 Views The Best Markets For Residential Property Investors 2 days ago Home / Daily Dose / Out of Their Reach Tagged with: Delinquency Rates Alison Rich has a long-time tenure in the writing and editing realm, touting an impressive body of work that has been featured in local and national consumer and trade publications spanning industries and audiences. She has worked for DS News and MReport magazines—both in print and online—since they launched. Out of Their Reach Share Save Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago The Best Markets For Residential Property Investors 2 days agocenter_img  Print This Post Related Articles in Daily Dose, Featured, Foreclosure, News Delinquency Rates 2017-08-15 Alison Rich Previous: SFR: How Does it Affect Homebuyers? Next: Credit Where It’s Due Demand Propels Home Prices Upward 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago Demand Propels Home Prices Upward 2 days ago The Week Ahead: Nearing the Forbearance Exit 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Sign up for DS News Daily Subscribelast_img