Cure volumes fell 6% month over month in May, with FHA cures continuing to lag broader market performance, a signal brokers can use to identify clients who may benefit from an early loss mitigation conversation.
Prepayment speeds cooled as rates rose. The single-month mortality rate fell 15% from April to 0.79%, a four-month low, though it remains 8 basis points above year-ago levels.
State-level stress remains concentrated in the South: Mississippi led with a non-current rate of 8.43%, followed by Louisiana at 8.33% and Alabama at 6.19%. Idaho (2.04%), Washington (2.17%) and Montana (2.21%) recorded the lowest shares.
“Overall mortgage performance remains healthy, yet the level of serious delinquencies and active foreclosures highlights the importance of reaching borrowers early,” said Bob Hart, president of mortgage technology at Intercontinental Exchange.
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