ICE First Look: Overall Mortgage Performance Strong in September

(Image courtesy of Curtis Adams/pexels.com)

ICE Mortgage Technology, Atlanta, released its first look at September data, finding that delinquencies remain well below pre-pandemic norms.

The national delinquency rate decreased by 2 basis points in September to 3.42%. That’s also down 6 basis points year-over-year and 58 basis points from September 2019 (pre-pandemic.)

Early-stage and late-stage delinquencies both improved month-over-month, and early-stage delinquencies also improved compared with September 2024.

The non-current rate–defined as delinquencies plus active foreclosures–fell year-over-year in the GSE category by 3 basis points, in the VA category by 4 basis points and in the portfolio-held-loans category by 17 basis points. However, FHA loans rose 44 basis points year-over-year.

There were 103,000 foreclosure starts in Q3, a 23% increase from the same period last year, but 18% below Q3 2019’s pre-pandemic levels.

The number of loans in active foreclosure also rose–up 18% year-over-year–but foreclosure volume remains historically low and at half of 2019 levels.

Prepayments rose by 8 basis points in September to a 0.74% single month mortality rate, up 15% from last year.

The top five states by non-current percentage included Louisiana at 7.91%, Mississippi at 7.83%, Alabama at 5.86%, Indiana at 5.55% and Arkansas at 5.54%.

The bottom five states by non-current percentage in the month were Idaho at 2.03%, Washington at 2.05%, Montana at 2.13%, Colorado at 2.16% and Hawaii at 2.2%.