DSNews delivers stories, ideas, links, companies, people, events, and videos impacting the mortgage default servicing industry.
Issue link: http://digital.dsnews.com/i/108762
Utah Virginia rank: 37 rank: 43 90+ Day Delinquency Rate Foreclosure Rate november 2012 2.88% Unemployment Rate 1.60% 5.1% 90+ Day Delinquency Rate Foreclosure Rate november 2012 2.32% 1.31% year ago 3.01% 5.6% year ago 2.19% 5.9% 2.32% 1.84% percent point change -4.4% Unemployment Rate 6.2% percent point change -27.1% -13.6% 0.2% -29.0% Top County Top County Iron CoUnTy Cumberland CounTy -9.7% 90+ Day Delinquency Rate Foreclosure Rate 90+ Day Delinquency Rate november 2012 3.95% 2.83% 3.57% year ago 4.21% 3.66% year ago 3.90% 4.68% percent point change -6.3% Foreclosure Rate november 2012 1.26% percent point change -27.3% -23.7% 189.8% Top Core-Based Statistical Area Top Core-based Statistical area CedAr CITy, UT WaShingTon-arlingTon-alexandria, dC-Va-md-WV 90+ Day Foreclosure Delinquency Rate Rate november 2012 90+ Day Delinquency Rate Foreclosure Rate november 2012 3.95% 2.83% 3.15% year ago 4.21% 3.90% -6.3% 2.40% year ago 1.75% percent point change in cases involving foreclosure actions from a condo/HOA on an FHA-insured mortgage. Servicers must also ensure pre-foreclosure condo/HOA fees/liens are removed from the property before getting transferred to HUD. According to the letter, HUD will reimburse 100 percent of payments related to condo/HOA fees incurred between the date of foreclosure and the date the title is transferred to HUD. "[S]ervicers who aren't compliant with the new guidelines may miss out on reimbursements by HUD for payment of preforeclosure HOA fees, interest, and late fees," said Brent Stokes, SVP of Virginia-based Sperlonga. Over the last 18 months, Sperlonga has worked toward building the industry's largest national database for HOAs and has developed technology to help HOAs submit claims for payment to the correct servicing contacts. 1.70% STAT INSIGHT percent point change -27.3% 80.5% note: The 90+ Day delinquecy rate is the percentage of outstanding mortgage loans that are 90plus days delinquent. The foreclosure rate is the percentage of outstanding mortgage loans currently in foreclosure. State rank is based on the November 2012 foreclosure rate. All figures are rounded to the nearest decimal. The unemployment rate reflects preliminary November 2012 figures released by the Bureau of Labor Statistics. All other data courtesy of Lender Processing Services. 41.1% note: The 90+ Day delinquecy rate is the percentage of outstanding mortgage loans that are 90plus days delinquent. The foreclosure rate is the percentage of outstanding mortgage loans currently in foreclosure. State rank is based on the November 2012 foreclosure rate. All figures are rounded to the nearest decimal. The unemployment rate reflects preliminary November 2012 figures released by the Bureau of Labor Statistics. All other data courtesy of Lender Processing Services. Annual increase in home prices in Virginia Beach, Norfolk, and Newport News, Virginia from Q4 2011 to Q4 2012. Source: Clear Capital IN THE NEWS Vermont rank: 11 90+ Day Delinquency Rate Foreclosure Rate november 2012 1.78% Unemployment Rate 3.78% 5.2% year ago 1.77% 3.48% 5.3% percent point change 0.4% 8.8% -1.9% Top County Orleans COunTy 90+ Day Delinquency Rate november 2012 2.57% Foreclosure Rate 5.95% year ago 2.32% 4.84% percent point change 10.8% 22.9% Top Core-Based statistical area ruTland, VT 90+ Day Delinquency Rate Foreclosure Rate november 2012 2.28% 5.19% year ago 2.51% 4.41% percent point change -9.2% note: 17.6% The 90+ Day delinquecy rate is the percentage of outstanding mortgage loans that are 90plus days delinquent. The foreclosure rate is the percentage of outstanding mortgage loans currently in foreclosure. State rank is based on the November 2012 foreclosure rate. All figures are rounded to the nearest decimal. The unemployment rate reflects preliminary November 2012 figures released by the Bureau of Labor Statistics. All other data courtesy of Lender Processing Services. 124 Sperlonga Releases Reminder of New HUD Policy on HOA Delinquencies Sperlonga Data and Analytics sent out a release to remind mortgage servicers of a new HUD requirement related to how Federal Housing Administration (FHA) properties with homeowner association (HOA) delinquencies are serviced. The updates Sperlonga noted can be found in HUD's Mortgagee Letter 2012-11. One change requires servicers to name and properly serve the HOA in any foreclosure proceedings so that HUD's responsibility for unpaid fees can be eliminated or minimized. Another requirement states that upon the completion of a foreclosure sale, the servicer must notify the HOA of the servicer's interest in the property, and, before conveyance to HUD, the servicer must pay HOA assessments that still remain after the foreclosure. The changes took effect January 1. In addition, the letter states servicers must take necessary steps to protect HUD's interest Washington rank: 22 90+ Day Delinquency Rate Foreclosure Rate november 2012 3.80% Unemployment Rate 2.85% 7.8% year ago 4.81% 1.79% 8.7% percent point change -21.1% 59.7% -10.3% Top County 90+ Day Delinquency Rate PierCe CounTy Foreclosure Rate november 2012 5.57% 4.26% year ago 6.94% 2.50% percent point change -19.8% 70.4% Top Core-Based Statistical Area ABerdeen, WA 90+ Day Delinquency Rate Foreclosure Rate november 2012 4.46% 4.03% year ago 5.49% 2.39% percent point change -18.8% note: 68.5% The 90+ Day delinquecy rate is the percentage of outstanding mortgage loans that are 90plus days delinquent. The foreclosure rate is the percentage of outstanding mortgage loans currently in foreclosure. State rank is based on the November 2012 foreclosure rate. All figures are rounded to the nearest decimal. The unemployment rate reflects preliminary November 2012 figures released by the Bureau of Labor Statistics. All other data courtesy of Lender Processing Services.