NEW BRIGHTON, Minn. (8/8/13)--In a sign the economy is recovering, mortgage delinquencies are decreasing, particularly in the last six months, reports CU Companies, a credit union service organization specializing in mortgage servicing.
"In May, our delinquency ratio was the lowest it has been since 2008, coming in at 1.68%," said Kathleen Nystrom, CU Companies loan servicing manager.
Fewer delinquent loans benefit all parties, Nystrom said. When an account becomes past due, CU Companies attempts to contact the borrower again every three days. It sends letters informing borrowers of their options and encourages them to contact the company, Nystrom said.
"We know that communication is key and want both the borrower and our owner or partner to understand where the borrower is in the process and what needs to happen to move forward," she added. "We'd love to see this trend continue, as it's important to us to see the borrowers we work with succeed."