LPS' Mortgage Monitor Report Shows Significant Difference in Inventories, Timelines Between Judicial and Non-Judicial States
JACKSONVILLE, Fla., Nov. 1, 2011 /PRNewswire/ -- The September Mortgage Monitor report released by Lender Processing Services, Inc. (NYSE: LPS) continues to show significant differences between states that process foreclosures following a judicial vs. non-judicial foreclosure process.
Ranked by the percentage of loans that are non-current, seven of the top 10 states are judicial foreclosure states. Foreclosure inventories in these states continue to climb, accounting for nearly seven percent of the entire active loan count.
Additionally, foreclosure timelines in these states continue to extend at a greater rate than in non-judicial foreclosure states. The time from last payment to foreclosure sale in judicial states is 761 days, which is six months longer than in non-judicial states. Consequently, foreclosure sales in judicial foreclosure states remain very low, with only 1.6 percent of those states' foreclosure inventories moving to sale.
Overall, foreclosure starts in September were slightly below the three-year average. Foreclosure timelines continue to increase across the board – almost 40 percent of loans in foreclosure have not made a payment in two years, and 72 percent have not made a payment in a year or more. New problem loan rates increased sharply over the last two months, with 1.6 percent of loans that were current six months ago now 60 or more days delinquent or in foreclosure.
As reported in LPS' First Look release, other key results from LPS' latest Mortgage Monitor report include:
Total U.S. loan delinquency rate: |
8.09% |
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Month-over-month change in delinquency rate: |
-0.5% |
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Total U.S. foreclosure pre-sale inventory rate: |
4.18% |
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Month-over-month change in foreclosure pre-sale inventory rate: |
1.7% |
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States with highest percentage of non-current* loans: |
FL, MS, NV, NJ, IL |
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States with the lowest percentage of non-current* loans: |
ND, SD, WY, AK, MT |
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*Non-current totals combine foreclosures and delinquencies as a percent of active loans in that state. |
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Notes: |
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(1) Totals are extrapolated based on LPS Applied Analytics' loan-level database of mortgage assets. |
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(2) All whole numbers are rounded to the nearest thousand. |
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About the Mortgage Monitor
LPS manages the nation's leading repository of loan-level residential mortgage data and performance information on nearly 40 million loans across the spectrum of credit products. The company's research experts carefully analyze this data to produce a summary supplemented by dozens of charts and graphs that reflect trend and point-in-time observations for LPS' monthly Mortgage Monitor Report. To review the full report, visit http://www.lpsvcs.com/NEWSROOM/INDUSTRYDATA/Pages/default.aspx.
About Lender Processing Services
Lender Processing Services, Inc. (LPS) is a leading provider of integrated technology, services and mortgage performance data and analytics to the mortgage and real estate industries. LPS offers solutions that span the mortgage continuum, including lead generation, origination, servicing, workflow automation (Desktop®), portfolio retention and default, augmented by the company's award-winning customer support and professional services. Approximately 50 percent of all U.S. mortgages by dollar volume are serviced using LPS' loan servicing platform, MSP. LPS also offers proprietary mortgage and real estate data and analytics for the mortgage and capital markets industries. For more information about LPS, visit www.lpsvcs.com.
SOURCE Lender Processing Services, Inc.
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