Annual growth in past-due loans is concentrated in later-stage delinquencies, while early-stage delinquencies remain below last year, indicating many homeowners are staying current. Cure activity has rebounded over the past two months but remains below year-ago levels, so loss mitigation and borrower engagement require continued monitoring. ICE reported 1.85 million properties at least 30 days past due but not in foreclosure at the end of April, including 577,000 seriously delinquent. Early-stage delinquencies fell slightly year over year, while the year-over-year increase is concentrated in 90+ day delinquencies. More than 62,000 borrowers cured seriously delinquent loans in each of the last two months, though cures from serious delinquency are still 20% below year-ago levels. Foreclosure starts declined from March but rose year over year.
"The annual increase in past due loans continues to be concentrated in later-stage delinquencies, while early-stage delinquencies remain below last year's levels, suggesting that most homeowners continue to stay on track. Cure activity has also rebounded over the past two months, though it remains below year-ago levels, making it important to monitor in the months ahead."
"ICE reported there were 1.85 million properties at least 30 days past due but not in foreclosure at the end of April, up 96,000 from a year earlier. Among the total, 577,000 were seriously delinquent. That was up 101,000 year over year but down 11,000 from March. Early-stage delinquencies (loans 30 to 60 days past due) fell by about 5,000 loans from a year ago."
"What stands out is the mix of stability and stress, Mirza Hodzic, managing director of BlackWolf Advisory Group, said in a statement. The headline delinquency rate is basically flat, but the year over year increase is concentrated in 90 plus day delinquencies. That is the bucket that drives the most operational work and the most borrower risk if it is not managed tightly."
"More than 62,000 borrowers cured seriously delinquent loans in each of the last two months, compared with an average of 42,000 during the prior four months. Despite the rebound, cures from serious delinquency remained 20% below year-ago levels. Foreclosure activity also continued to normalize. ICE reported 37,000 foreclosure starts in April, down 5.4% from March but up nearly 26%"
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