Posted To: MND NewsWire

FHA loans posted a substantial decline in delinquencies during the third quarter, leading an overall improvement in loan performance. The Mortgage Bankers Association said its National Delinquency Survey found the non-current rate for mortgage loans on one-to-four- unit residential properties was 3.97 percent. This was 56 basis points (bps) below the rate in the second quarter and 50 bps lower compared to the third quarter of 2018. Foreclosure starts were also down 4 bps to 0.21 percent of all mortgage loans. Marina Walsh, MBA’s Vice President of Industry Analysis, said “Mortgage delinquencies decreased in the third quarter across all loan types – conventional, VA, and in particular, FHA. The FHA delinquency rate dropped 100 basis points , as weather-related disruptions from the spring waned…(read more)

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Source: Mortgage News Daily