Oregon April 2021 Update: FHA Loan Servicer Report Shows 5,547 Seriously Delinquent Loans, A Rate of 8.8%.

 I have compiled the latest end of April 2021 FHA servicing data for Oregon into a workbook with three worksheets HERE and embedded below. 

The second worksheet combines three HUD Neighborhood Watch sub reports into one worksheet that contains a servicing summary, loss mitigation, and loss mitigation incentive claims data. Filters are in place by default so users may select or sort on individual columns to find , for example, the servicer with the largest number of serious delinquencies, the highest serious delinquent rate, etc. 

The FIRST worksheet is a PIVOT table of the data worksheet. The default view in the pivot table are these statewide counts:

• All active loans (63,302)
• 90 day delinquencies (5,547) [5,547/63,302=8.8% serious delinquency rate)
• Foreclosure actions (58)
• Loss mitigation incentive claims paid (2,224)
• Forbearance claims paid (3)

To see information on individual servicers, users can pull down the servicer name in the field at the top of the pivot table or drag it into the Pivot table to see all servicers.

The third worksheet is a vertical listing of all of the data fields in the first worksheet and the HUD Neighborhood Watch sub report from which the data field is associated. 

Note: I had previously downloaded the Oregon March 31st servicing data; the April 30 serious delinquency rate of 8.8% is down from the March rate of 9.1%.

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March 2021: Oregon FHA Serious Delinquent Loan Data by County Includes Average Mortgage Equity/Principal Reduction.

In prior posts I constructed a national map of census tracts with 11 or more FHA seriously delinquent loans and then state tables that estimated statewide FHA seriously delinquent loans in all census tracts with 1 or more serious delinquencies. 

In this post I have constructed an Oregon county focused 2 page PDF landscaped formatted table HERE and embedded below. 

The table and this post again ONLY focuses on census tracts that have 11 or more seriously delinquent FHA loans and then aggregates that data to the county wide level in Oregon. This means that any Oregon county without any census tracts with 11 or more seriously delinquent loans will NOT appear in this analysis. 

The first page of the PDF focuses on seriously delinquent loans, the count of census tracts with those loans, their original mortgage amounts, their remaining debt, and their mortgage equity (the difference between the original mortgage and the unpaid current mortgage, AKA "principal reduction").  Mortgage equity however does NOT factor in any increase in home values. 

Unlike the last recession home values have generally been increasing in Oregon. This increase in value AND mortgage equity/principal reduction shown in the table provides a financial cushion that may prove to be useful in avoiding foreclosure and also open options for refinancing and or mortgage modification. 

The second page of the PDF file adds ALL outstanding FHA loans and compares the mortgage equity/principal reduction in all FHA loans to the mortgage equity/principal reduction in the seriously delinquent loans. 

Some observations:

1. There were 222 census tracts with 11 or more serious delinquencies and 137 census tracts (62%) were outside of the 3 county Portland metro area. 
2. The 2,310 serious delinquencies outside the 3 country Portland metro area were also 62% of the statewide total of 3,741.
3. There were 64,087 total FHA loans in force.  41,548 (65%) of the statewide total FHA loans in force were outside of the Portland metro. 
4. The statewide serious delinquency rate is 5.8%;  the 3 county Portland metro rate was higher at 6.3%. 
5. Statewide, serious delinquent mortgage equity was $75.5 million, averaging $19,134 per loan. The $23,102 average seriously delinquent mortgage equity was higher in the 3 county Portland metro area than the $16,676 average seriously delinquent mortgage equity outside the 3 county Portland metro area.
6. The statewide average mortgage equity in seriously delinquent loans ($19,134) is slightly higher than the average mortgage equity for ALL outstanding FHA loans ($19,048).  There are 10 counties where the reverse is true, but the variance in most of these counties (except Benton and Tillamook) is relatively slight. 

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