Tag Archives: lending

Foreclosures Reach a 10-Year Low: Where Does Your State Stand?

With U.S. foreclosures at a 10-year low, national loan performance is improving thanks to solid income growth, improved home equity, and the disappearance of high-risk loans.

According to CoreLogic, between 2017 and 2018 there was a 1.1% reduction in the percentage of homes with outstanding mortgages 30 or more days past due. However, there are many variances when looking at foreclosure rates by state.

National Foreclosure Rates

CoreLogic found that national rates have been recovering since the Great Recession when foreclosure rates peaked. They looked at the different stages of delinquency and found mortgages transitioning from current to 30 days reached just 0.9% in November of last year. This is a 1% decrease from 2017, which is a significant difference when compared to November 2008 when they peaked at 2%.

According to Bankrate, looking back to 2010, filings were 1 in 47 homes. Fast forward to 2018, and those numbers have improved with just 1 in 215. The rates have been dropping for eight years with 2018 marking the lowest rate in the past 13 years.

State by State

The foreclosure picture can look different at the state level. In fact, Bankrate noted that a third of the states saw an increase, according to ATTOM Data Solutions. They noticed increases when reviewing scheduled auctions, default notices, and repossessions. Despite these numbers, ATTOM still feels the housing crisis has more or less been “cleaned up.”

North Carolina

Due to Hurricane Florence, North Carolina is an exception to the downward trend. Although they did still see a lower rate when compared to the year previous, Bankrate found the state is still struggling to recover from the damage and impact of the disaster. Other areas still seeing above average delinquency rates included Wilmington and New Bern.

Highest Foreclosure Rates

Bankrate reported the Northeast had the most foreclosures, with New Jersey seeing its highest rate in three years. Last year, 1.33% of housing units in New Jersey had foreclosure filings. Other states on the highest foreclosures list included:

  • Delaware at 0.96%
  • Maryland at 0.86%
  • Illinois at 0.74%
  • Connecticut at 0.72%
  • Florida at 0.71%
  • Carolina at 0.63%
  • Ohio at 0.63%
  • Nevada at 0.60%
  • New Mexico at 0.57%

Lowest Foreclosure Rates

As well, Bankrate found many states with drastic decreases in foreclosure. Some of the biggest dips happened in:

  • Rhode Island – down 39%
  • Hawaii – down 26%
  • North Carolina – down 24%
  • Washington – down 24%
  • Connecticut – down 23%

The state with the lowest rate of foreclosures was North Dakota at 0.06%, followed by South Dakota at 0.07%, Montana at 0.11%, and West Virginia at 0.12%.

With this new data available, you might be curious to know where your state stands.

Your National Solution with a Local Touch

Punctual Abstract is a national title abstracting company located in Harvey, LA. We offer boots on the ground and online services for Title Insurance Underwriters, Residential Title Agents, and Foreclosure Law Firms. Our extensive experience covers both residential and commercial clients, with accurate, speedy turnaround and access to national civil records.

Visit our homepage or contact us today for more information.

The Habits of America’s Top Loan Originators

Are you a loan originator looking to advance your career? If so, a good place to start is by listening to the advice of the nation’s top loan originators.

What qualities set them apart from their peers? What are their habits? Here’s a crash course.

Believe in Yourself

The top loan originators, no matter what condition the market or their company is in, will take full responsibility for their results. They are firm believers that the guidance they give to their clients will have a positive effect on their lives.

Refusing to Accept Mediocre Results

The best loan originators set high-reaching targets for closed loans each year. They do everything they can to achieve this goal, no matter how difficult it may be. They always challenge themselves to do better.


Whether or not you reach your goal depends on how well you’ve organized and prepared to accomplish your goal. Calendars and to-do lists are a must. The best loan originators have a system devised so all of their tasks are written down in the right place.

Be Conscious of Your Numbers

Do you know how many conversations with prospective clients it takes, on average, to convert them into an applicant? What about how many loan applications will make it to the closing? These are essential numbers that you should know by heart. Once you know them, you can reconfigure your strategy and analyze which areas need improvement.

Center Your Focus on the What Activities Show the Most Results

Rather than trying to integrate various tactics into your process at the same time, center your focus on the ones that have worked in the past. This way, you can master these and get a consistent ROI.

Continuously Search for Improvements

The best loan originators in the business are the ones who relentlessly look for ways to improve their customer service. Anything that makes the customer’s experience more streamlined is something to look out for.

The Right Team By Your Side

“Teamwork makes the dream work,” as many successful individuals would say. If you don’t have a supportive, smart, and goal-oriented team on your side, then you will have trouble making it to the top.

Product Expertise

Another trait that the top loan originators share is in-depth knowledge of all of the loan product guidelines. They can provide instant answers to borrower questions. They inform and set their minds at ease.

A Unique Brand

How do you separate yourself from the crowd? Well, if you put in the time and creativity to devise a unique, personal brand, you shouldn’t have any trouble standing out. Sell your services as best as you can with a personal touch that will resonate with your prospective clients.

Your National Solution with a Local Touch

Punctual Abstract is a national title abstracting company located in Harvey, LA. Whether you need an abstractor for a certain county or region, or you’re looking for a national provider, Punctual Abstract is here to help.

We have extensive experience performing commercial and residential abstracts of all kinds and perform complete title searches plus attorney opinion package-deals all with the same average turn-time of 24-48 hours!

Visit our homepage or contact us today for more information.