Past-due mortgages increase after Harvey and Irma
In its Mortgage Monitor for September, Black Knight outlined the first wave of mortgage delinquencies that appeared to be arising out of Hurricanes Harvey and Irma that struck primarily in Texas.
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The full effects of Hurricanes Harvey and Irma are rapidly showing up in the data. In September, according to Black Knight, the number of mortgages either past due or in foreclosure. surges rapidly.
The IRS also is waiving late-deposit penalties for payroll and excise. Some major banks are offering hurricane relief for customers with loans.
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Although hurricanes Harvey, Irma and Maria drove up the U.S. mortgage delinquency rate in the fourth quarter, overall mortgage performance continued to improve in 2017, according to Black Knight’s Mortgage Monitor Report. "Hurricanes Harvey and irma significantly impacted 2017 mortgage performance metrics," says Ben Graboske, executive vice president for Black Knight Data and Analytics.
· Back in September, after Harvey struck Texas, a black knight analysis predicted 160,000 borrowers could become 90 days or more late on their mortgage payments as a result of the storm. In November, there were 666,000 seriously delinquent loans,
Hurricane fallout drives surge in past-due mortgages. in September given the fallout from Hurricanes Harvey and Irma, according to a first look at September mortgage performance statistics.
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Investors in private mortgage-backed securities (MBS) backed by. Ginnie Mae's former president and now a senior fellow at the Milken Institute's housing. Days after Irma, according to a source, “one top servicer had already. Meanwhile property values rise due to a shortage and people line up to bid.
Combining the preliminary estimates for both Harvey and Irma suggests that over 3.3 million total mortgaged properties are located in Irma and zones, while the dollar amount of total unpaid mortgage balances in these two zones is massive: between Irma’s $517 billion and Harvey’s $179 billion, the total potential.
Florida has now overtaken Mississippi as the state with the largest share of severely delinquent (more than 90 days past due) mortgages. Hurricane Irma’s after effects could be felt throughout.