Industry News

More borrowers pay mortgage on time

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The fourth-quarter 2003 National Delinquency Survey released today by the Mortgage Bankers Association shows that the seasonally adjusted delinquency rate for mortgage loans on one-to-four-unit residential properties fell to 4.49 percent in the fourth-quarter 2003, down 16 basis points from 4.65 percent in third-quarter 2003. The foreclosure inventory percentage at the end of the fourth-quarter was 1.29 percent, five basis points higher than the third-quarter rate of 1.24 percent, while the seasonally adjusted percentage of new foreclosures increased one basis point from 0.44 percent in the third-quarter to 0.45 percent in the fourth-quarter. The MBA has revised its historical delinquency rate series to make it consistent with the increased number of subprime loans now in the survey. The revised series shows that overall mortgage delinquencies are at their lowest level since the second-quarter of 2000 when the rate was 5.51 percent. The percentage of loans in foreclosure, while...