The Mortgage Bankers Association (MBA) reports that the
percentage of non-current mortgages dropped by 35 basis points (bps) in the
first quarter of 2021. According to MBA vice president Marina Walsh, it was the
largest quarterly decline in delinquencies in the history of the Association's
National Delinquency Survey. The national delinquency rate for mortgage loans on
one-to-four unit residences was at a seasonally adjusted rate of 6.38 percent
at the end of the quarter. The rate includes loans in forbearance if borrowers
are not making payments as agreed but does not include loans in the process of
foreclosure. The delinquency rate peaked at 8.22 percent in
the second quarter of 2020 and within three quarters has dropped by 184 bps to
6.38 percent. Despite the improvements, however, the overall rate is still 202 bps
higher than it was at the same point in 2020.