As quarterly home-lending moved lower, the risk of default on those newly originated mortgages deteriorated and now stands at its worst level in three years.
From Jan. 1 through March 31 of this year, U.S. residential loan originators generated a combined total of $329 billion in mortgage production.
Business tumbled 18 percent compared to the preceding three-month period. But a 2 percent increase was recorded versus the same three months last year.
Source: Mortgage Daily