- The national delinquency rate saw yet another month of steady improvement, with November's 4.1% monthly decline matching the 18-month average rate of reduction
- Despite serious delinquencies (loans 90+ days past due but not in foreclosure) falling another 80,000 from October, over 1 million such delinquencies remain, 2.5 times more than at the start of the pandemic
- Both foreclosure starts (3,700) and active foreclosure inventory (132,000) hit new record lows in November as borrowers continue to work through available forbearance and loss mitigation options
- More than 800,000 forbearance exits have occurred over the past 60 days, with nearly 560,000 homeowners remaining in post-forbearance loss mitigation
- Given the size of this population, both serious delinquency and foreclosure metrics demand close attention as we enter 2022
- Prepayment activity (SMM) fell by 8.9% in November to hit its lowest level in 22 months, as rising 30-year rates continue to put downward pressure on refinance volumes
PR Newswire
JACKSONVILLE, Fla., Dec. 23, 2021
