CU Companies reported this week that its servicing department has noticed a steady trend of decreasing delinquency loans occurring in the last six months within its entire mortgage portfolio, and is touting the trend as an indicator that economic recovery is under way.
The New Brighton, Minn., mortgage CUSO's portfolio includes loans from its correspondent lending and retail lending programs, which are available to credit unions in Illinois, Iowa, Minnesota, Missouri, North Dakota, South Dakota and Wisconsin, the company said.
"In May, our delinquency ratio was the lowest it has been since 2008, coming in at 1.68%," said Kathleen Nystrom, loan servicing manager for CU Companies. "While these numbers can also be attributed to the fact that our portfolio continues to grow, our borrowers seem to be in a better place financially. We have seen fewer loans being referred to foreclosure and more workout plans being successfully completed."
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