ICE First Look at Mortgage Performance: Continued Improvement in April Leads to Fewest Serious Delinquencies in 18+ Years
- The national delinquency rate fell to 3.09% in April – its second lowest level on record behind only March 2023’s record low of 2.92% – marking a 22 basis point (bps) improvement from the same time last year
-
Serious delinquencies (loans 90+ days past due but not in active foreclosure) improved to their best level since
August 2005 , down -17K (-4.0%) from March and -84K (-16.8%) year over year - The number of borrowers a single payment past due dropped by 30K to hit an 8-month low, while 60-day delinquencies fell 6K to their lowest level in 10 months
- The inflow of new 30-day lates along with rolls to later stages of delinquency improved from March, while cures were down among both early and late stage delinquencies
-
Foreclosure starts declined -0.8% from March, pushing the number of loans in active foreclosure to its lowest level since
January 2022 – some 30% below (-84K) pre-pandemic levels - Though the 5.9K foreclosure sales completed nationally in April represented a 1.5% month-over-month increase, they remain at roughly half pre-pandemic norms
-
Prepayment activity rose to its highest level since
August 2023 due to a seasonal upswing in home sales, despite consumers still facing rate-driven affordability and refinance headwinds
Data as of
Total |
Month-over-month change: -3.28% |
Year-over-year change: -6.63% |
|
Total |
Month-over-month change: -3.31% |
Year-over-year change: -16.42% |
|
Total |
Month-over-month change -0.83% |
Year-over-year change: 4.01% |
|
Monthly prepayment rate (SMM): 0.52% |
Month-over-month change: 8.39% |
Year-over-year change: 18.83% |
|
Foreclosure sales: 5,900 |
Month-over-month change: 1.55% |
Year-over-year change: - 7.87% |
|
Number of properties that are 30 or more days past due, but not in foreclosure: 1,658,000 |
Month-over-month change: -53,000 |
Year-over-year change: -88,000 |
|
Number of properties that are 90 or more days past due, but not in foreclosure: 417,000 |
Month-over-month change: -17,000 |
Year-over-year change: -84,000 |
|
Number of properties in foreclosure pre-sale inventory: 199,000 |
Month-over-month change: -6,000 |
Year-over-year change: -35,000 |
|
Number of properties that are 30 or more days past due or in foreclosure: 1,857,000 |
Month-over-month change: -59,000 |
Year-over-year change: -123,000 |
Top 5 States by Non-Current* Percentage |
|
|
7.48% |
|
7.24% |
|
5.38% |
|
4.81% |
|
4.79% |
|
|
Bottom 5 States by Non-Current* Percentage |
|
|
2.02% |
|
1.94% |
|
1.92% |
|
1.89% |
|
1.80% |
Top 5 States by 90+ Days Delinquent Percentage |
|
|
1.92% |
|
1.71% |
|
1.42% |
|
1.21% |
|
1.10% |
Top 5 States by 12-Month Change in Non-Current* Percentage |
|
|
-16.06% |
|
-14.35% |
|
-13.46% |
|
-13.36% |
|
- 13.03% |
|
|
Bottom 5 States by 12-Month Change in Non-Current* Percentage |
|
|
0.37% |
|
0.08% |
|
-0.12% |
|
-0.83% |
|
-1.56% |
|
|
*Non-current totals combine foreclosures and delinquencies as a percent of active loans in that state. |
|
Notes: |
|
1) Totals are extrapolated based on ICE’s McDash loan-level database of mortgage assets. |
|
2) All whole numbers are rounded to the nearest thousand, except foreclosure starts and sales, which are rounded to the nearest hundred. |
The company will provide a more in-depth review of this data in its monthly Mortgage Monitor report, which includes an analysis of data supplemented by detailed charts and graphs that reflect trend and point-in-time observations. The Mortgage Monitor report will be available online at https://www.icemortgagetechnology.com/resources/data-reports by
For more information about gaining access to ICE’s loan-level database, please send an email to Mortgage.Monitor@bkfs.com.
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Category: Mortgage Technology
ICE-CORP
Source:
View source version on businesswire.com: https://www.businesswire.com/news/home/20240524599732/en/
ICE Media Contact
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+1 704-890-8158
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+1 (678) 981-3882
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