Posted To: MND NewsWire

Black Knight has pointed out in the past that there is a temporary uptick in early mortgage delinquencies when a month ends on a Sunday, leaving less time for servicers to process last minute payments. May did not end on a Sunday this year, however the last day of the month was Memorial Day, leaving even less time to post those checks. The last time there was such a month-end double whammy in May was in 2004, and the national delinquency rate jumped 15 percent. Not this year. Black Knight, in its “first look” at May performance data, says that this time the convergence of negative forces pushed the rate up only 1.5 percent to 4.73 percent. There were 2.51 million loans that were 30 or more days past due but not in foreclosure at the end of May, 11,000 more than in April. Delinquencies were…(read more)

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Source: Mortgage News Daily