Fannie Mae: Mortgage Serious Delinquency Rate Increased Sharply in June

According to the Federal National Mortgage Association (FNMA), popularly referred to as Fannie Mae, there is a sharp increase in serious mortgage delinquency in June as it rose from 0.89% in May to 2.65%.

This statistic counts mortgage loans that are due for three months or more and mortgage loans in foreclosure for the month as being in serious delinquency.

The monthly summary which had reported the serious delinquency of June 2019 as being 0.70%, has made experts project that the rate would still be on the rise for subsequent months, like July, because of the effect of the pandemic that has led to many families losing jobs and other sources of revenue plus since the report takes mortgages of three months or more into consideration, it would take some time before the figures would start dropping.

It should be noted that the monthly report counts mortgage loans in forbearance as being delinquent, but they usually do not report such loans in forbearance to credit bureaus.

You would recall that the rate of serious delinquency has never gotten this high save from the period of the housing bubble when delinquency rose for as high as 5.59% in February 2010.

Since the housing bubble bust, Fannie Mae has still been working through a few poor performing loans as it had hitherto recorded a 5.00% delinquency for loans made in 2004 while loans made from 2005 to 2008 had recorded 8.37% has been delinquent and recent loans from 2009 to 2018 records just 2.21% has to be seriously delinquent.

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Disclaimer: The views and opinions of Eric Lawrence Frazier are his own and do not necessarily represent First Bank or any organization affiliated with Eric Lawrence Frazier, or the Power Is Now Media Inc. First Bank is an Equal Credit Opportunity Lender. Eric Lawrence Frazier, M.B.A., is also a Vice President and Mortgage Advisor with First Bank. NMLS#461807 and a California Licensed Real Estate Broker DRE# 01143482. Email: Ph: 714- 475-8629.

Eric Lawrence Frazier M.B.A.

President and C.E.O.

The Power Is Now Media Inc.


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