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2020 was Rough For Loan Performance; Rising Rates Hit Refis; Hope and Caution

2020 was Rough For Loan Performance; Rising Rates Hit Refis; Hope and Caution

CoreLogic's December 2020 Loan Performance Insights report was upbeat, citing positive signs of recovery after a rocky year in which a pandemic and related job losses sent delinquency rates skyrocketing. Last year started with the lowest share of loans 30 or more days past due since the company began collecting the data in 1999. Then, as COVID-19 spread along with shelter-in-place directives, the rate doubled, going from 3.6 percent of all mortgages in March to 7.3 percent. As time passed, those early stage delinquencies transitioned into the serious category of 90 or more days past due , quadrupling the size of that bucket by August to 4.3 percent. In December, loans that were non-current including those in foreclosure was 5.8 percent. This is still 2.1 percentage points higher than in December
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