Lunch & Learn: Are appraisals the next big opportunity in mortgage fulfillment?

This Lunch & Learn for mortgage lenders will explore the evolution of the appraisal process as well as opportunities for innovation.

HousingWire Annual Virtual Summit

Sessions from HousingWire Annual 2021 are going to be virtually streamed on October 25. Register now for FREE to tune into what housing industry leaders had to say this year!

How Freddie Mac is addressing affordable housing challenges

Freddie Mac is focused on addressing limited access to credit, housing inequalities, creation and preservation of affordable housing supply and advancement of homeownership education.

How to increase minority homeownership?

Today’s HousingWire Daily features a roundtable discussion from HousingWire’s Lunch & Learn series that looks at “Unpacking the lender’s vital role in increasing minority homeownership.”

Mortgage

U.S. mortgage delinquency rate rises to 7.76% in May

Tally includes forbearances as missed payments, Black Knight says

The U.S. mortgage delinquency rate rose to 7.76% in May as Americans struggled to pay their bills during the worst public health crisis in more than a century.

The rate rose from 6.45% in April and was 3.39% in March, the month when states began issuing stay-at-home orders to try to stem the spread of COVID-19, according to the report on Monday. Black Knight counts loan in forbearances – meaning they have an agreement with the servicer to suspend payments – as being delinquent, as does Mortgage Bankers Association.

Measured as a number, rather than a percentage, there were 4.12 million mortgages in the U.S. that had payments more than 30 days overdue in May, Black Knight said.

Last week there were 4.6 million homeowners with mortgages in forbearance, down 57,000 from the prior week, according to Black Knight. Some owners get an agreement with their servicers to suspend payments and then keep paying their home-loan bill, the firm has said in the past.

Mississippi had the worst delinquency rate, at 12.73%, according to the report. Louisiana was next, at 11.79%, followed by New York at 11.28%, New Jersey at 11.03% and Florida at 10.52%.

The states with the lowest delinquency rates were Idaho at 4.4%, Washington at 4.91%, South Dakota at 5.02%, Oregon at 5.12%, and Montana at 5.13%.

Serious delinquencies, which means people who are 90 days past due but not yet in foreclosure, have increased by more than 50% over the past two months to 631,000, Black Knight said.

There’s a moratorium on foreclosures for loans that are backed by Fannie Mae, Freddie Mac, and the Federal Housing Administration through the end of August because of the COVID-19 pandemic.

Leave a comment

Most Popular Articles

FHFA to make desktop appraisals permanent

Desktop appraisals, a temporary flexibility implemented in March 2020 amid lockdowns and social distancing, will become permanent, the FHFA said today.

Oct 18, 2021 By

Latest Articles

Rocket Pro TPO redesigns pricing calculator for brokers

Rocket Pro TPO aims to help its broker partners grow their businesses. The new Pricing Calculator provides brokers with fast, reliable and accessible information that can help differentiate them from competitors. In the midst of this serious housing shortage, brokers need tools to help them provide top-notch service to homebuyers. 

Oct 22, 2021 By
3d rendering of a row of luxury townhouses along a street

Log In

Forgot Password?

Don't have an account? Please