More and more Mortgage Order Mills (MOMs) are closing their doors. The foreclosure rate for 2016 had the largest improvement of any year since 2000, according to Black Knight Financial Services Inc.’s (BKFS).
The elimination of problematic, high-risk loans, which dominated the mortgage lending market during the housing crisis of 2008, paved the way for newly structured loans which had a considerable lower level of risk and chance of default, which resulted in a lower overall foreclosure rate nationwide.
The five states with the highest level of delinquencies and foreclosures as a percentage of the total amount of active loans in the state, also known as the non-current rate, were Mississippi, Louisiana, West Virginia, Alabama, and New Jersey. Mississippi was at the top of the list with a non-current percentage of 11.36, while New Jersey came in fifth at 7.79 percent.
The mortgage segment is the home of $3 mortgage inspections and 99.5% of the fraud, greed and corruption in the industry.