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Serious Delinquencies Grow, but Fewer Overall Missed Payments in August

Posted To: MND NewsWire

As the COVID-19 crisis dragged into its sixth month in August the total number of mortgage delinquencies continued to ebb, but the rate of decline appears to be slowing. Black Knight, in its first look at the month’s loan performance data, found the national delinquency rate down 3 basis points to 6.88 percent. There were 13,000 fewer delinquent loans in August than in July, a total of 3.68 million that were 30 or more days past due but not in foreclosure. Black Knight considers loans in forbearance plans as delinquent even if servicers are not reporting them as such to the credit bureaus. The share of borrowers with a single missed payment had already fallen below pre-pandemic levels. In August, the sum of all early-stage delinquencies (those 30 and 60 days past due) fell 9 percent, dropping…(read more)

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