Costs up, profits down: Closing a mortgage gets more expensive

Costs up, profits down: Closing a mortgage gets more expensive

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Foreclosure inventories rise as delinquencies drop in November: LPS

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Lender Processing Services (LPS) said the delinquency rate for loans that are 30 or more days past due, but not in foreclosure was 9.02% in November, down nearly 3% from October and down 15.6% from November 2009. Total U.S foreclosure pre-sale inventory rate was 4.08%, up 4.1% from the previous month and up 8% from  the year-ago period. LPS, a provider of mortgage industry data and analytics, provided the “first look” from its loan-level database of nearly 40 million mortgage loans. The company said 4.77 million loans are 30 or more days past due, but not in foreclosure. It said 2.16 million loans are 90 or more days delinquent, but not in foreclosure. LPS said 6.93 million properties are 30 days or more delinquent or in some stage of foreclosure. Florida, Nevada, Mississippi, Georgia and New Jersey have the highest percentages of delinquent loans. States with the lowest percentage of deliquent loans were Montana, Wyoming, Alaska and the Dakotas. The company will provide a more in-depth review of is mortgage  data in its monthly Mortgage Monitor report later in the month. Write to Kerry Curry.

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