Magazine article Mortgage Banking

LPS Finds Total Delinquencies 32 Percent Higher Than Year Ago

Magazine article Mortgage Banking

LPS Finds Total Delinquencies 32 Percent Higher Than Year Ago

Article excerpt

The November 2009 Mortgage Monitor Report released by Lender Processing Services Inc. (LPS), Jacksonville, Florida, found total delinquencies rose 0.85 percent in October from September's levels. The report is based on data collected as of Oct. 31, 2009. Total delinquencies were up 32 percent from October 2008, according to LPS.

LPS manages a loan-level database with performance information on approximately 40 million loans from across the credit-quality spectrum.

The LPS November report found that for every one loan that improved, three more loans deteriorated. A release announcing the results reported: "Of home loans that were current as of December 2008, more than 2 million, or 4.02 percent, were delinquent or in foreclosure by the end of October 2009."

Loan performance deterioration was particularly evident in the Northeast and Northwest, according to LPS.

Thirty-one states have non-current loan rates (defined as delinquency plus foreclosure rates) ranging from 10 percent to as high as 22. …

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