in News > Mortgage Servicing
print the content item
The rate of mortgage default in the U.S. continued to drop through June, hitting new post-recession lows, according to data released by the S&P Dow Jones Indices and Experian for the S&P/Experian Consumer Credit Default Indices.

The first mortgage default rate hit 1.23% in June, down from 1.31% in May on an unadjusted basis, while the second mortgage default rate reached 0.54%, down from 0.60% to reach the lowest rate in the history of the index.

The national composite default rate, including credit card and car loan default rates, hit 1.34%, down from 1.42% the month prior.

"Consumers' financial condition continues to improve," said David M. Blitzer, managing director and chairman of the index committee for S&P Dow Jones Indices, in a press release. "Across all categories, default rates are falling."

Looking at the default rate for the five largest metro markets, New York dropped 61 basis points, and Miami was down 13 basis points, with Miami hitting a post-recession low of 1.75%. Chicago, Dallas and Los Angeles were up by four, seven and eight basis points, respectively. All five cities had default rates at or less than 1.75%, far below the default rates they posted in June 2012.

For more, click here.


Six important questions you need to ask about your compliance process_id1314


Latest Top Stories

FHFA Seeks Feedback On Proposed Single Security For GSEs

The agency is requesting feedback from mortgage industry professionals on all aspects of the proposed single security structure and in particular, issues regarding the transition from the current system to a single security.


Ellie Mae To Buy AllRegs For $30 Million

"With the acquisition of AllRegs, Ellie Mae will expand its customer base and add a broad array of content and services that complement our portfolio of product offerings," says Sig Anderman, CEO of Ellie Mae.


Survey Shows ATR/QM Rules Are Negatively Affecting Approvals

In a survey of loan officers commissioned by the Federal Reserve Board, more than half said the CFPB's ability-to-repay/qualified mortgage rule has reduced approval rates for certain types of mortgages.


Report Lambastes Servicers For Doing Poor Job With HAMP

SIGTARP once again disses mortgage servicers for failing to keep up with the volume of applications for HAMP as well as the Treasury Department for failing to do a better job of overseeing servicers' HAMP activities.


CFPB Seeks To Ease HMDA Reporting Requirements

The CFPB is proposing to exempt lenders that originate fewer than 25 mortgages a year from its new HMDA reporting rules. In addition, financial institutions with a large number of reported transactions would be required to submit HMDA data on a quarterly, rather than annual, basis.

LenderLive_id1241
Hse SandyHook
Industry Resource
Play for Pink
NAMFS_id1321
Safeguard_id1322
SWBC_id1313