LPS: Delinquency Decline Halted In November

Posted by Orb Staff on January 06, 2012 No Comments
Categories : Mortgage Servicing

10659_delinquencies LPS: Delinquency Decline Halted In November Although mortgage delinquencies at the end of November 2011 were nearly 25% less than the January 2010 peak, the trend toward fewer loans becoming delinquent appears to have halted, according to the November Mortgage Monitor report released by Jacksonville, Fla.-based Lender Processing Services Inc. (LPS).

According to LPS, the November mortgage performance data also showed both new and repeat foreclosure starts dropped sharply in November 2011, down nearly 30% from the month prior. As late-stage delinquencies in the pipeline still number close to 2 million, LPS stated that the sharp drop was more indicative of the impact of ongoing document reviews, additional state legislation and new regulatory requirements, and not a shift in trend.

As of November 2011, LPS reports the total U.S. loan delinquency rate was 8.15%. LPS also determined that October 2011 origination data showed a month-over-month drop of nearly 12% – the second highest level for the year, although it was 21% down from October 2010 and 30% down from October 2009.

Florida, Mississippi, Nevada, New Jersey and Illinois were the states with the highest percentage of non-current loans, while North Dakota, Alaska, Wyoming, South Dakota and Montana were the states with the lowest percentage of non-current loans.

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