Vermont one of few states to see increase in bad mortgages

first_imgWhile Vermont still has the second fewest bad mortgages (delinquent plus foreclosed) east of the Mississippi, Vermont was one of only a handful of states that saw an increase in bad mortgages between October 2010 and October 2011, this is in contrast to the Unites States as a whole, which has seen a drop in non-current housing loans of 7.5 percent over the last year. Meanwhile, Vermont’s number has increased 5.7 percent. Vermont is one of only seven states to see an increase in bad mortgages.The October Mortgage Monitor report released by Lender Processing Services, Inc. (NYSE: LPS) shows mortgage delinquencies nationwide (see chart below) continue their decline, now nearly 30 percent off their January 2010 peak. Meanwhile, foreclosure inventories are on the rise, reaching an all-time high at the end of October of 4.29 percent of all active mortgages. The average days delinquent for loans in foreclosure extended as well, setting a new record of 631 days since last payment, while the average days delinquent for loans 90 or more days past due but not yet in foreclosure decreased for the second consecutive month.Judicial vs. non-judicial foreclosure processes remain a significant factor in the reduction of foreclosure pipelines from state to state, with non-judicial foreclosure inventory percentages less than half that of judicial states. This is largely a result of the fact that foreclosure sale rates in non-judicial states have been proceeding at four to five times that of judicial. Non-judicial foreclosure states made up the entirety of the top 10 states with the largest year-over-year decline in non-current loans percentages.The October data also showed that mortgage originations are on the rise, reaching levels not seen since mid-2010. Mortgage prepayment rates have also spiked, as much of the new origination is related to borrower refinancing; loans originated in 2009 and later are the primary drivers of the increase. While FHA origination activity is down, GSE and FHA originations still account for the vast majority of all new loans – nearly nine out of every 10 new mortgages.As reported in LPS’ First Look release, other key results from LPS’ latest Mortgage Monitor report include:Total U.S. loan delinquency rate: 7.93%Month-over-month change in delinquency rate: -2.0%Total U.S. foreclosure pre-sale inventory rate: 4.29%Month-over-month change in foreclosure pre-sale inventory rate: 2.5% States with highest percentage of non-current* loans: FL, MS, NV, NJ, ILStates with the lowest percentage of non-current* loans: ND, AK, SD, WY, MT*Non-current totals combine foreclosures and delinquencies as a percent of active loans in that state.Notes:(1) Totals are extrapolated based on LPS Applied Analytics’ loan-level database of mortgage assets.(2) All whole numbers are rounded to the nearest thousand. About the Mortgage MonitorLPS manages the nation’s leading repository of loan-level residential mortgage data and performance information on nearly 40 million loans across the spectrum of credit products. The company’s research experts carefully analyze this data to produce a summary supplemented by dozens of charts and graphs that reflect trend and point-in-time observations for LPS’ monthly Mortgage Monitor Report. To review the full report, visit http://www.lpsvcs.com/NEWSROOM/INDUSTRYDATA/Pages/default.aspx(link is external).About Lender Processing Services Lender Processing Services, Inc. (LPS) is a leading provider of integrated technology, services and mortgage performance data and analytics to the mortgage and real estate industries. LPS offers solutions that span the mortgage continuum, including lead generation, origination, servicing, workflow automation (Desktop®), portfolio retention and default, augmented by the company’s award-winning customer support and professional services. Approximately 50 percent of all U.S. mortgages by dollar volume are serviced using LPS’ loan servicing platform, MSP. LPS also offers proprietary mortgage and real estate data and analytics for the mortgage and capital markets industries. For more information about LPS, visit www.lpsvcs.com(link is external). JACKSONVILLE, Fla. – December 1, 2011last_img read more

Connacht stun Toulouse

first_img Connacht were outscored two tries to one but Kieran Marmion’s second-half effort combined with 11 points from the boot of fly-half Dan Parks – who successfully kicked two penalties, a conversion and a drop goal – saw them claim a huge scalp. Four-time champions Toulouse notched tries in either half through Jean-Pascal Barraque and Thierry Dusautoir but they could not find a way to break down the Connacht defence again in the closing stages as they slumped to a rare home defeat in Europe. And the French giants could even have lost by more points in the end had the TMO not spotted a knock-on after Robbie Henshaw had streaked away for what seemed like a brilliant second-half try for the visitors. Connacht had turned desperate defence into thrilling attack after Toulouse had turned the ball over in the visitors’ 22. Gavin Duffy and Marmion had combined to send the full-back racing clear, but Romanian referee Marius Mitrea asked the TMO to check the origin of the move. Unfortunately for Connacht the TMO discovered a slight knock-on some 70 metres back in the play by a Connacht player and they missed out on seven points. That could have been critical because seven minutes later Toulouse kicked to the left corner and rumbled skipper Duautoir over for a try which Lionel Beauxis converted of the touchline. That cut the gap to two points and set-up a thrilling final 15 minutes in which Connacht never stopped taking the game to their illustrious opponents as well as producing superb defence. Parks missed with a drop-goal and a 50-metre penalty in those closing minute to add to the drama, but there was no denying the Irishmen. Following on from Leinster’s win at Northampton, Ulster’s triumph over Benetton Treviso and Munster’s bonus point victory against Perpignan, Pat Lam’s Connacht side had the whole of Ireland urging them on to make it a clean sweep. Toulouse had not been beaten at Stade Ernest Wallon for five years in the tournament, yet they only led for five minutes in the match. Parks put his side ahead with a 13th-minute penalty and then added a drop-goal three minutes later to make it 6-0. Connacht produced one of the biggest upsets in the history of the Heineken Cup as they rounded off a perfect weekend in Europe for the Irish provinces with a 16-14 win in Toulouse. It did not help the home cause that fly-half Barraque missed with two penalty kicks, but he did make up for his first mistake with a brilliant individual try on the stroke of half- time. He dummied past Craig Clarke, weaved past Henshaw and touched down at the posts for a try which he converted to make it 7-6 to the home side at the break. That lead did not last for long though, as Parks hammered over a penalty five minutes into the second half and then scrum-half Marmion rounded off a brilliant right touchline move involving Henshaw and Fionn Carr by burrowing over for a try which was finally confirmed by the TMO. Parks converted superbly off the touchline and that gave Connacht a 16-7 lead with just over half-an-hour to play. They then defended superbly to take the four points and put themselves right back into the reckoning for a quarter-final place. Despite their defeat Toulouse still stay on top of the pool with 10 points, but Saracens are level on points with Connacht now one point behind with a return game against the French side in Galway to come next weekend. Press Associationlast_img read more