Team Thayer Property Servicing

The percentage of residential mortgage borrowers who are delinquent (more than 60 days behind on their mortgage payments) was reported at 2.95 percent in Q1, the first time it has been below 3 percent in more than seven years, according to TransUnion's Quarterly Industry Insights Report released Monday. Q1 marked the 13th consecutive quarterly decline in mortgage delinquency rate. Q1's percentage of 2.95 was a drop from 3.29 percent in Q4 2014 and from 3.59 percent in Q1 2014. Before Q1, the mortgage delinquency rate had not been below 3 percent since Q3 2007 (immediately prior to the beginning of the recession), when it was reported at 2.61 percent. Subprime consumers had a delinquency rate of 27.23 percent in Q1, a decline of 9 percent year-over-year; it was reported at 29.7 percent for Q1 2014. The delinquency rate for both subprime consumers and all consumers peaked in Q1 2010 at 40.5 percent and 6.9 percent, respectively. "It's taken more than seven years,...