in News > Mortgage Servicing
print the content item


A new forecast issued by Chicago-based TransUnion projects the national mortgage loan delinquency rate to decline to 5.06% by the end of 2013 from an estimated 5.32% at the conclusion of this year.

TransUnion also forecasts mortgage delinquencies will decline in 34 states and the District of Columbia, with only 13 states experiencing increases.

"As house prices and unemployment slowly improve, TransUnion's forecast indicates that the national mortgage delinquency rate will gradually drop throughout 2013," says Tim Martin, group vice president of U.S. housing in TransUnion's financial services business unit. "While we are encouraged by the direction of the forecast, we would have hoped for a projection that called for a more substantive drop in delinquencies. If the pace of improvement does not pick up, it will take a very long time to get back to 'normal' delinquency rates."

The mortgage delinquency rate peaked in the fourth quarter of 2009 at 6.89% after rising 12 consecutive quarters from its 1.94% mark in the fourth quarter of 2006 - a 255% increase.

TransUnion projects the largest mortgage delinquency rate declines to happen in Nevada (-18.62%), Minnesota (-13.58%), California (-12.14%) and Arizona (-11.61%). Other states that were most negatively impacted by the mortgage crisis - including Florida (-8.39%), Georgia (-9.19%), New Jersey (-4.95%) and New York (-7.67%) - also are expected to see declines.




Latest Top Stories

New Home Sales Rose Slightly In October

It was the fifth consecutive month that the U.S. Census Bureau and U.S. Department of Housing and Urban Development downwardly revised the previous month's new home sales estimate.


PRIA: Two-Thirds Of County Recorders Now Have E-Recording In Place

More than 1,200 counties - or 68% of the nation's 3,600 recording jurisdictions - now have e-recording systems in place, according to a recent study conducted by the Property Records Industry Association.


Rise Of The Humans: Automation Versus Personalized Service

In lending, the increased adoption of more technology-driven methods of business and support should not overshadow the importance of the human element.


Why It's Time To Market HELOCs And Home Equity Loans

Lenders are and should be promoting home equity products that allow borrowers to tap into that rising equity.


Clear Capital: The College Town Effect On Housing

According to Clear Capital, towns with noteworthy university influence boast home price trends that far outperform the national rates of growth since 2004.

Urban Lending_id1351
Hse SandyHook
Industry Resource
Orb Mobile
MBATX_id1385
SWBC_id1313
MBA-TX_id
NAMFS_id1399