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Average Loan in Foreclosure Delinquent a Record 587 Days
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You're Now Reading:
Average Loan in Foreclosure Delinquent a Record 587 Days
The Easy Way to Shop For a Mortgage Loan
Fill Out One Questionnare
Receive Multiple Offers. Save Money.
The Easy Way to Shop For a Mortgage Loan
Fill Out One Questionnare
Receive Multiple Offers. Save Money.
You're Now Reading:
Average Loan in Foreclosure Delinquent a Record 587 Days
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August 5, 2011 (Shirley Allen)

Foreclosure timelines continue to lengthen with the average loan in foreclosure now being delinquent for a record 587 days according to the June Mortgage Monitor Report by Lender Processing Services (LPS).

More than 40 percent of the homeowners whose loans were 90+ days past due have not made a payment in more than a year and 35 percent of the loans in foreclosure have been delinquent for more than two years.

The disparity in the foreclosure timelines between judicial and non-judicial states also continues to grow. The foreclosure pipeline ratio, the number of loans either 90+ days delinquent or in foreclosure divided by the six-month average of foreclosure sales, is more than three times higher in states that use the judicial foreclosure process than the states that use the non-judicial process.

Foreclosure starts gained momentum in June as the number of starts increased by more than 10 percent. For the year, foreclosure starts are still down 16.4 percent. More trouble may be brewing though as delinquencies were up 2.4 percent from May to June. The number of loans that were 90+ days delinquent or in foreclosure stood at 4.1 million at the end of June, 12.8 percent higher than in June of last year.

LPS also examined the possible impact of what the proposed Qualified Residential Mortgage (QRM) provisions could have had on loans that have been originated since 2005 and found that nearly half of the loans could have been ineligible under the proposed QRM rules, far higher than the 30 percent many industry analysts have predicted that QRM will affect if implemented.

Earlier highlights from LPS’s “First Look” report include:

Total U.S. loan delinquency rate (loans 30 or more days past due, but not in foreclosure): 8.15% compared to 7.96% in May 2011

Month-over-month change in delinquency rate: 2.4% compared to -0.1% in May 2011

Year-over-year change in delinquency rate: -14.7% compared to -18.3% in May 2011

Total U.S foreclosure pre-sale inventory rate: 4.12% compared to 4.11% in May 2011

Month-over-month change in foreclosure presale inventory rate: 0.2% compared to -0.7% in May 2011

Year-over-year change in foreclosure presale inventory rate: 12.8% compared to 12.3% in May 2011

Number of properties that are 30 or more days past due, but not in foreclosure: (A) 4,285,000 compared to 4,187,000 in May 2011

Number of properties that are 90 or more days delinquent, but not in foreclosure: 1,906,000 compared to 1,921,000 in May 2011

Number of properties in foreclosure pre-sale inventory: (B) 2,167,000 compared to 2,164,000 in May 2011

Number of properties that are 30 or more days delinquent or in foreclosure: (A+B) 6,452,000 compared to 6,350,000 in May 2011

States with highest percentage of non-current* loans: FL, NV, MS, NJ, IL (FL, NV, MS, NJ, IL in May 2011)

States with the lowest percentage of non-current* loans: MT, WY, AK, SD, ND (MT, WY, AK, SD, ND in May 2011)

*Non-current totals combine foreclosures and delinquencies as a percent of active loans in that state.

Notes:
(1) Totals are extrapolated based on LPS Applied Analytics’ loan-level database of mortgage assets.
(2) All whole numbers are rounded to the nearest thousand.

Tags: LPS, mortgage delinquency rate, foreclosure inventory, non-current loans, Mortgage Monitor, foreclosure starts, foreclosure timelines

Source:
LPS

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FAST & EASY. DATA ENCRYPTED
Applying to multiple lenders is fast and easy with our one simple questionnaire. Choose the product you’re looking for, take a few moments to answer a few questions and you’re on your way to saving.
NO OBLIGATION. NO HIDDEN FEES
Any of the services on our website are 100% free, there is no obligation to use our services or any hidden fees. We’re not loan brokers so we don’t charge broker fees like other websites.
NO SSN OR CREDIT CHECK
No SSN or credit check is necessary to use our services. We bring lenders to you so they can compete for your business and you save. That information only becomes necessary after you choose a lender.
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August 5, 2011 (Shirley Allen)

Foreclosure timelines continue to lengthen with the average loan in foreclosure now being delinquent for a record 587 days according to the June Mortgage Monitor Report by Lender Processing Services (LPS).

More than 40 percent of the homeowners whose loans were 90+ days past due have not made a payment in more than a year and 35 percent of the loans in foreclosure have been delinquent for more than two years.

The disparity in the foreclosure timelines between judicial and non-judicial states also continues to grow. The foreclosure pipeline ratio, the number of loans either 90+ days delinquent or in foreclosure divided by the six-month average of foreclosure sales, is more than three times higher in states that use the judicial foreclosure process than the states that use the non-judicial process.

Foreclosure starts gained momentum in June as the number of starts increased by more than 10 percent. For the year, foreclosure starts are still down 16.4 percent. More trouble may be brewing though as delinquencies were up 2.4 percent from May to June. The number of loans that were 90+ days delinquent or in foreclosure stood at 4.1 million at the end of June, 12.8 percent higher than in June of last year.

LPS also examined the possible impact of what the proposed Qualified Residential Mortgage (QRM) provisions could have had on loans that have been originated since 2005 and found that nearly half of the loans could have been ineligible under the proposed QRM rules, far higher than the 30 percent many industry analysts have predicted that QRM will affect if implemented.

Earlier highlights from LPS’s “First Look” report include:

Total U.S. loan delinquency rate (loans 30 or more days past due, but not in foreclosure): 8.15% compared to 7.96% in May 2011

Month-over-month change in delinquency rate: 2.4% compared to -0.1% in May 2011

Year-over-year change in delinquency rate: -14.7% compared to -18.3% in May 2011

Total U.S foreclosure pre-sale inventory rate: 4.12% compared to 4.11% in May 2011

Month-over-month change in foreclosure presale inventory rate: 0.2% compared to -0.7% in May 2011

Year-over-year change in foreclosure presale inventory rate: 12.8% compared to 12.3% in May 2011

Number of properties that are 30 or more days past due, but not in foreclosure: (A) 4,285,000 compared to 4,187,000 in May 2011

Number of properties that are 90 or more days delinquent, but not in foreclosure: 1,906,000 compared to 1,921,000 in May 2011

Number of properties in foreclosure pre-sale inventory: (B) 2,167,000 compared to 2,164,000 in May 2011

Number of properties that are 30 or more days delinquent or in foreclosure: (A+B) 6,452,000 compared to 6,350,000 in May 2011

States with highest percentage of non-current* loans: FL, NV, MS, NJ, IL (FL, NV, MS, NJ, IL in May 2011)

States with the lowest percentage of non-current* loans: MT, WY, AK, SD, ND (MT, WY, AK, SD, ND in May 2011)

*Non-current totals combine foreclosures and delinquencies as a percent of active loans in that state.

Notes:
(1) Totals are extrapolated based on LPS Applied Analytics’ loan-level database of mortgage assets.
(2) All whole numbers are rounded to the nearest thousand.

Tags: LPS, mortgage delinquency rate, foreclosure inventory, non-current loans, Mortgage Monitor, foreclosure starts, foreclosure timelines

Source:
LPS

FILL OUT THE FORM
It all starts here. Select the loan product you want to apply for and complete the subsequent questionnaire.
WE VERIFY & TRANSMIT TO LENDERS
Once we receive your completed questionnaire we verify a couple vital pieces of information and direct your information to our network of lenders, all within minutes.
REVIEW YOUR OFFERS
With offers in hand you can now compare rates and costs and get the best possible deal. Comparison shopping made easy. You fill out one form and lenders compete for your business.
CHOOSE YOUR LENDER
Congratulations! With the great learning tools we provide for you at LoanRateUpdate and the offers you have received, you've found the right product and the best rate.
HOW
LOANRATEUPDATE
WORKS
Whether you're looking to refinance your current loan, purchasing a new home or looking for a home equity loan, we make it easy at LoanRateUpdate. Our questionnaire is simple and quick to use and your information is safely transmitted to us with SSL encryption. With just two minutes of your time, you could have multiple lenders competing for your business which could save you thousands.
ADVANTAGES OF USING
LOANRATEUPDATE
FAST & EASY. DATA ENCRYPTED
Applying to multiple lenders is fast and easy with our one simple questionnaire. Choose the product you’re looking for, take a few moments to answer a few questions and you’re on your way to saving.
NO OBLIGATION. NO HIDDEN FEES
Any of the services on our website are 100% free, there is no obligation to use our services or any hidden fees. We’re not loan brokers so we don’t charge broker fees like other websites.
NO SSN OR CREDIT CHECK
No SSN or credit check is necessary to use our services. We bring lenders to you so they can compete for your business and you save. That information only becomes necessary after you choose a lender.

August 5, 2011 (Shirley Allen)

Foreclosure timelines continue to lengthen with the average loan in foreclosure now being delinquent for a record 587 days according to the June Mortgage Monitor Report by Lender Processing Services (LPS).

More than 40 percent of the homeowners whose loans were 90+ days past due have not made a payment in more than a year and 35 percent of the loans in foreclosure have been delinquent for more than two years.

The disparity in the foreclosure timelines between judicial and non-judicial states also continues to grow. The foreclosure pipeline ratio, the number of loans either 90+ days delinquent or in foreclosure divided by the six-month average of foreclosure sales, is more than three times higher in states that use the judicial foreclosure process than the states that use the non-judicial process.

Foreclosure starts gained momentum in June as the number of starts increased by more than 10 percent. For the year, foreclosure starts are still down 16.4 percent. More trouble may be brewing though as delinquencies were up 2.4 percent from May to June. The number of loans that were 90+ days delinquent or in foreclosure stood at 4.1 million at the end of June, 12.8 percent higher than in June of last year.

LPS also examined the possible impact of what the proposed Qualified Residential Mortgage (QRM) provisions could have had on loans that have been originated since 2005 and found that nearly half of the loans could have been ineligible under the proposed QRM rules, far higher than the 30 percent many industry analysts have predicted that QRM will affect if implemented.

Earlier highlights from LPS’s “First Look” report include:

Total U.S. loan delinquency rate (loans 30 or more days past due, but not in foreclosure): 8.15% compared to 7.96% in May 2011

Month-over-month change in delinquency rate: 2.4% compared to -0.1% in May 2011

Year-over-year change in delinquency rate: -14.7% compared to -18.3% in May 2011

Total U.S foreclosure pre-sale inventory rate: 4.12% compared to 4.11% in May 2011

Month-over-month change in foreclosure presale inventory rate: 0.2% compared to -0.7% in May 2011

Year-over-year change in foreclosure presale inventory rate: 12.8% compared to 12.3% in May 2011

Number of properties that are 30 or more days past due, but not in foreclosure: (A) 4,285,000 compared to 4,187,000 in May 2011

Number of properties that are 90 or more days delinquent, but not in foreclosure: 1,906,000 compared to 1,921,000 in May 2011

Number of properties in foreclosure pre-sale inventory: (B) 2,167,000 compared to 2,164,000 in May 2011

Number of properties that are 30 or more days delinquent or in foreclosure: (A+B) 6,452,000 compared to 6,350,000 in May 2011

States with highest percentage of non-current* loans: FL, NV, MS, NJ, IL (FL, NV, MS, NJ, IL in May 2011)

States with the lowest percentage of non-current* loans: MT, WY, AK, SD, ND (MT, WY, AK, SD, ND in May 2011)

*Non-current totals combine foreclosures and delinquencies as a percent of active loans in that state.

Notes:
(1) Totals are extrapolated based on LPS Applied Analytics’ loan-level database of mortgage assets.
(2) All whole numbers are rounded to the nearest thousand.

Tags: LPS, mortgage delinquency rate, foreclosure inventory, non-current loans, Mortgage Monitor, foreclosure starts, foreclosure timelines

Source:
LPS

Home Buying Tips
Home Selling Tips
About
Mortgages
HOW
LOANRATEUPDATE
WORKS
FILL OUT THE FORM
It all starts here. Select the loan product you want to apply for and complete the subsequent questionnaire.
WE VERIFY & TRANSMIT TO LENDERS
Once we receive your completed questionnaire we verify a couple vital pieces of information and direct your information to our network of lenders, all within minutes.
REVIEW YOUR OFFERS
With offers in hand you can now compare rates and costs and get the best possible deal. Comparison shopping made easy. You fill out one form and lenders compete for your business.
CHOOSE YOUR LENDER
Congratulations! With the great learning tools we provide for you at LoanRateUpdate and the offers you have received, you've found the right product and the best rate.
ADVANTAGES OF USING
LOANRATEUPDATE
FAST & EASY. DATA ENCRYPTED
Applying to multiple lenders is fast and easy with our one simple questionnaire. Choose the product you’re looking for, take a few moments to answer a few questions and you’re on your way to saving.
NO OBLIGATION. NO HIDDEN FEES
Any of the services on our website are 100% free, there is no obligation to use our services or any hidden fees. We’re not loan brokers so we don’t charge broker fees like other websites.
NO SSN OR CREDIT
CHECK
No SSN or credit check is necessary to use our services. We bring lenders to you so they can compete for your business and you save. That information only becomes necessary after you choose a lender.