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

Put yourself in members’ shoes

first_img continue reading » Two events made Jason Lindstrom the credit union stalwart he is today.First, he worked as a part-time teller in college.“Coming into that environment, I noticed right away how much help we gave members, and that we were on a first-name basis with them,” he says. “That job was far better than flipping burgers.”Second, Lindstrom happily pursued a degree in business marketing until he ran into a major barrier: calculus. He wasn’t good at it, and he knew he would never master it.“So I shifted to political science, a major that was helpful when later on I had to deal diplomatically with politicians on both sides of the aisle at the state level as a credit union representative,” says Lindstrom, CEO of $270 million asset Evergreen Credit Union in Portland, Maine.Lindstrom’s stints with credit unions in California and Virginia involved financial analysis, outside sales, and business development that gave him career-forming insights. 26SHARESShareShareSharePrintMailGooglePinterestDiggRedditStumbleuponDeliciousBufferTumblrlast_img read more

CELLCOM Connects Thousands in Konobo, Grand Gedeh

first_imgThe company named by the National Excellence Award as the best GSM Company in Liberia – Cellcom Telecommunications, Inc., has erected one of its communications towers in one of the remotest parts of Liberia so that Liberians in that part of the country can be able to speaking with relatives and friends far and near.A Cellcom release said this is a part of the GSM company’s demonstrated and  long standing goal to provide affordable and quality telecommunications to all Liberians.   It said the erection of the tower, it described as the ‘Tower of Justice” in Konobo District, Grand Gedeh, was done in partnership with the US based health group Tiyatian Health. Through the partnership, which is endorsed by the Clinton Global Initiative, the new tower will allow frontline health workers of Tiyatian Health to use mobile telecommunications devices to provide lifesaving health care to thousands of mothers in very remote parts of Grand Gedeh County. The tower is also the first telecommunications network to be planted in that part of the country since the nation’s history.“It is providing much needed communications service to thousands of residents who have been cut off from the rest of Liberia and the world,” Cellcom said.Making the announcement at a joint press conference held at the Cellcom Headquarters in Monrovia executives from Cellcom and Tiyatian termed the venture “a tower of justice” and referred to the partnership as a “golden triangle” because it brought together a private company, a civil society NGO and the Government. Tiyatian Health executive director, Dr. Raj Panjabi, reflected that many deaths had happened in Konobo because frontline workers had no way to communicate with referral hospitals to call for doctors or ambulances.   He noted that with the establishment of the new tower, mothers and their children would no longer have to die because of the lack of communications.    He noted the challenges of getting this project off the ground, “the challenge was huge….this was not a place that was a natural place for a Telecom company to go to.  It took courage and it took risk to go there. And Cellcom, under Avishai Marziano’s leadership and the leadership of the executive team, really stepped up in trying to help solve this gap.  They came to the table with an amazing partnership to bring Konobo’s first mobile network and I’m happy to report that we have been able to see this dream come alive. Now never again will somebody have to die because they cannot call for help.”  He observed that the benefits extended even beyond telecommunications to all segments of society.   He said:  “We are seeing this impact already not just on health care, but on business and at a very personal level. We are seeing what can happen when mobile telecommunications comes to a place like Konobo and families can call each other.”The executive director of Tiyatian Health reiterated the benefits of the tower and also demonstrated the power of the network by making one of the first calls to Konobo District.  The call was placed to a local resident of Konobo, who expressed thanks and appreciation to Cellcom and noted: “Thanks to Cellcom, we the people of Konobo now feel like we are part of Liberia.”For his part, Cellcom’s Chief Corporate Communications Strategist, Dr. Kimmie Weeks, said that the launch of the tower in Konobo was one of Cellcom’s proudest moments.  “We have been building towers across the country, but we all felt passionate about this because of how it would save and transform lives in real ways. I have always been proud to be a part of this Company, but I am even prouder now because of the way Cellcom stepped up to meet the needs of a population when no other GSM company was willing to do so.”The formal launching program for the tower will take place in Konobo this week. Share this:Click to share on Twitter (Opens in new window)Click to share on Facebook (Opens in new window)last_img read more