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61 December 2024 J O U R N A L December 2024 » percent of servicing portfolio: Lou- isiana, Mississippi, Indiana, West Virginia, and Alabama. • Total completed loan workouts from 2020 and onward (repayment plans, loan deferrals/partial claims, loan modifications) that were current as a percent of total completed workouts decreased to 68.47% in October 2024, down 29 basis points from 68.76% the prior month and down 384 basis points from one year ago. MBA's monthly Loan Monitoring Survey covers the period from Octo- ber 1 through October 31, 2024, and represents 64% of the first-mortgage servicing market (32 million loans). Q3 MORTGAGE DELINQUENCIES DIP T he latest Mortgage Bankers Association's (MBA) National Delinquency Survey has found that the delinquency rate for mortgage loans on one- to four-unit residential properties decreased slightly to a seasonally adjusted rate of 3.92% of all loans outstanding at the end of Q3 2024, compared to one year ago. The MBA reports the nationwide delinquency rate was down five basis points from Q2 of 2024, but up 30 basis points from one year ago. The per- centage of loans on which foreclosure actions were started in Q3 rose by one basis point to 0.14%. "Mortgage delinquencies have inched up over the past year," said Marina Walsh, CMB, MBA's VP of Industry Analysis. "Even though there was a small, third-quarter decline in the overall delinquency rate compared to the previous quarter, this was driven by a decrease in 30-day delinquencies. Later-stage delinquencies rose last quarter, and overall delinquencies were up 30 basis points from one year ago." Key Findings • Quarter over quarter, the seasonally adjusted mortgage delinquency rate decreased for all loans outstanding. By stage, the 30-day delinquency rate decreased 14 basis points to 2.12%, the 60-day delinquency rate increased three basis points to 0.73%, and the 90-day delinquency bucket increased seven basis points to 1.08%. • By loan type over the previous quarter, the total delinquency rate for conventional loans decreased one basis point to 2.63%. The FHA delinquency rate decreased 14 basis points to 10.46%, and the VA de- linquency rate decreased five basis points to 4.58%. • On a year-over-year basis, total mortgage delinquencies increased for all loans outstanding. The delinquency rate increased by 13 basis points for conventional loans, increased 96 basis points for FHA loans, and increased 82 basis points for VA loans from the previous year. • The delinquency rate includes loans that are at least one payment past due but does not include loans in the process of foreclosure. The per- centage of loans in the foreclosure process at the end of Q3 was 0.45%, up two basis points from Q2 of 2024 and four basis points lower than one year ago. • The nonseasonally adjusted seri- ously delinquent rate, the percent- age of loans that are 90 days or more past due or in the process of foreclosure, was 1.55%. It increased 12 basis points from last quarter and increased three basis points from "Mortgage delinquencies have inched up over the past year. … this was driven by a decrease in 30-day delinquencies. Later- stage delinquencies rose last quarter, and overall delinquencies were up 30 basis points from one year ago." —Bruce Gehrke, Senior Director of Wealth and Lending Intelligence, J.D. Power