NEW YORK – May 18, 2015 – The mortgage delinquency rate (the rate of borrowers 60 days or more delinquent on their mortgages) declined to 2.95 percent in the first quarter of 2015 – the first time the variable has been below 3 percent since prior to the recession in the third quarter of 2007.

It's also the thirteenth consecutive quarterly drop in the mortgage delinquency rate (down from 3.29 percent in 4Q 2014). On a yearly basis, the delinquency rate dropped nearly 18 percent from 3.59 percent in Q1 2014.

The findings were reported in the latest TransUnion Industry Insights Report, a quarterly overview summarizing data, trends and perspectives on the U.S. consumer lending industry. The report is based on anonymous credit data from virtually every credit-active consumer in the United States.

The delinquency rate for subprime consumers declined to 27.23 percent in the first quarter, down nearly 9 percent year-to-year. The delinquency rate for this group of consumers had peaked in 2010 at 40.48 percent.

"It's taken more than seven years, but the mortgage delinquency rate has reached pre-recession levels. We continue to see a steady decline in the mortgage delinquency rate, primarily driven by strong performance by newer vintage loans," says Joe Mellman, vice president and head of TransUnion's mortgage group. "It's also encouraging to see continued delinquency rate declines for the subprime and near-prime risk groups."

Every state experienced a yearly decline in their mortgage loan delinquency rate and most major metropolitan statistical areas (MSAs) also saw robust drops in their delinquencies. Notable MSA declines were observed inMiami (down 36.1 percent year-to-year) and San Francisco.

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