The national delinquency rate has seen a massive
improvement over the last year. The Mortgage Bankers Association (MBA) reports
that, at the end of the third quarter of 2021, the rate was 4.88 percent of all
outstanding loans. This is 59 basis points (bps) lower than the rate in the second
quarter and a decline of 277 basis points from the third quarter of 2020.

The delinquency rate includes all loans that are 30 or
more days past due but not in foreclosure. For the purposes of MBA’s National
Delinquency Survey, servicers were asked to report loans in forbearance if
payments are not made as required by the original terms of the mortgage.

On a quarter-over-quarter basis early delinquencies
increased by 10 bps to 1.51 percent while the 60-day bucket was unchanged at
0.52 percent. The improvement was in serious delinquencies, those loans 90 or
more days past due. That rate decreased 68 bps to 2.85 percent.

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