According to the latest Mortgage Bankers Association’s (MBA) National Delinquency Survey, the delinquency rate for mortgage loans on one to four unit residential properties decreased to 4.71% of all loans outstanding at the end of the Q1 2017. The delinquency rate was down nine basis points from the previous quarter, and was six basis points lower than one year ago. The percentage of loans on which foreclosure actions were started during the first quarter was 0.30%, an increase of two basis points from the previous quarter, but five basis points lower than one year ago. The delinquency rate includes loans that are at least one payment past due but does not include loans in the process of foreclosure.
“Mortgage delinquencies decreased overall in the first quarter of 2017, driven by a drop in both the FHA and VA delinquency rates from the previous quarter as the conventional delinquency rate held constant…” Said Marina Walsh, MBA’s Vice President of Industry Analysis.