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Delinquency Recovery Interrupted by Natural Disasters; Rates Steady Ahead of Holiday Weekend

Delinquency Recovery Interrupted by Natural Disasters; Rates Steady Ahead of Holiday Weekend

The ongoing improvement in mortgage performance hit a slight snag in the third quarter of 2018, one that appears to be disaster related. The Mortgage Bankers Association (MBA) said the National Delinquency Survey found the national delinquency rate grew by 11 basis points (bps) from the second quarter to 4.47 percent. This was, however an improvement of 41 bps from the same quarter in 2017. Foreclosure starts continued to decline, dropping 1 bp quarter-over-quarter to 0.23 percent, its lowest level since, not just the recession, but 1985. All loan types saw increased delinquencies for the quarter but were down year-over-year. For the quarter, the rate for conventional loans was also up 11 bps to 3.56 percent while the FHA rate rose 26 bps and the VA rate 19 bps to 8.96 percent and 4.16 percent
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