CFPB launches mortgage performance tool to track delinquencies

Register now

WASHINGTON — The Consumer Financial Protection Bureau has launched a new mortgage performance tool that tracks delinquencies on mortgage loans down to the county level.

The online tool features interactive charts and graphs, the CFPB said.

“Measuring the number of consumers who have fallen behind on their mortgage payments is a telling barometer of the health of mortgage markets locally and nationally,” CFPB Director Richard Cordray said in a press release Monday.

The tool looks at delinquency rates in two categories — delinquent loans of 30 to 89 days past due and serious delinquencies of 90 days and beyond.

It currently shows that as of data from March 2017, the serious delinquency rate is 1.1%, the lowest since the financial crisis.

The CFPB delinquency tracker shows the serious delinquency rate (90 days or more past due) fell to 1.1% as of March 2017 — the lowest since 2008 during the housing crisis. Colorado and Alaska have the lowest serious delinquency rates, 0.5%, while New Jersey and Mississippi have the highest, 2.1%.

Mississippi also has the highest delinquency rate of loans 30 to 89 days past due, at 4.3%, while Washington state has the lowest at 1%.

“This rich information source identifies mortgage delinquency rates down to the county and metro-area level, making it a useful public tool," the CFPB said.

The tool shows how times have changed since the housing collapse. At the peak of the crisis, California and Arizona had serious delinquency rates of 7.5% and 7.6%, respectively. According to the most recent data, both are now below 1%. Nevada had a 10.7% serious delinquency rate, which has since fallen to 1.2%.

The new tool relies on the National Mortgage Database developed by the CFPB and the Federal Housing Finance Agency in 2012.

For reprint and licensing requests for this article, click here.
Delinquencies Distressed Mortgage technology CFPB