LPS: Seasonal Bump Pushes Delinquencies Up in June

August 5, 2013
Banker & Tradesman  
mortgage lending news

After five months of falling numbers, mortgage delinquencies reversed course in June, reports Lender Processing Services. Its monthly tally reflects an estimated 700,000 new 30-day delinquent loans, amounting to a 10 percent rise in delinquencies from May. Overall, 6.7 percent of U.S. mortgages were delinquent during the month, and 2.9 percent were in foreclosure. While LPS executive Herb Blecher emphasized that the spike represents a seasonal fluctuation that has been documented over a number of years, the report does suggest that climbing mortgage rates are shrinking the pool of loans eligible for refinancing. LPS calculates that about 12 percent of active loans -- or about 5.6 million mortgages -- meet broad refi qualifications. That is down from about 8.9 million this past March, when mortgage rates hit an unprecedented low.
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