Serious delinquencies rise to 555,000

Published May 27, 2026 by The Daily Scout

- Intercontinental Exchange said on May 26 that April mortgage performance was broadly stable even as late-stage distress and foreclosure inventory kept rising. - ICE said 555,000 mortgages were 90 or more days past due but not in foreclosure in April, up 21% from a year earlier. - ICE said it will publish a fuller monthly Mortgage Monitor after the May 26 First Look data release.

Why it matters

Intercontinental Exchange said on May 26 that U.S. mortgage performance was broadly stable in April, even as the number of borrowers in deeper trouble remained elevated. ICE’s First Look report showed the national delinquency rate held at 3.35% in April, unchanged from March and still below pre-pandemic levels. At the same time, loans 90 or more days past due but not yet in foreclosure stayed well above year-earlier levels, and active foreclosure inventory also increased. The split matters because it shows stress is not broad-based, but is concentrated in borrowers who are already well behind. ### If the overall delinquency rate was flat, why are people focused on serious delinquencies? ICE said the headline number masked a different mix underneath. The company reported that overall delinquencies were up 13 basis points from a year earlier, driven primarily by loans that were 90 or more days past due but not yet in foreclosure. Andy Walden, ICE’s head of mortgage and housing market research, said the annual increase in past-due loans “continues to be concentrated in later-stage delinquencies, while early-stage delinquencies remain below last year’s levels.” ICE’s April 2026 First Look put the number of seriously delinquent loans at about 555,000. National Mortgage Professional, citing the same ICE release, said that represented a 21% increase from a year earlier, or roughly 101,000 additional loans. (ir.theice.com) ### What does 555,000 actually measure? ICE defines serious delinquencies as mortgages 90 or more days past due but not in active foreclosure. That category excludes loans that are only 30 or 60 days late and excludes loans already in the foreclosure process. (nationalmortgageprofessional.com) ICE said serious delinquencies declined seasonally for a second straight month in April, but remained far above the level a year earlier. That means some borrowers are curing or moving back toward current status, but the stock of deeply delinquent loans is still larger than it was in spring 2025. (ir.theice.com) ### Are borrowers catching up, or is distress still building? ICE said cure activity improved in March and April. More than 62,000 borrowers cured seriously delinquent loans in each of those months, up from an average of 42,000 cures during the prior four months. (nationalmortgageprofessional.com) Walden said that rebound in cures was worth watching, but he also said cure volumes remained 20% below year-earlier levels. In other words, recoveries improved from the winter pace, but they have not returned to where they were a year ago. (nationalmortgageprofessional.com) ### What is happening in foreclosure inventory? ICE said active foreclosure inventory also moved higher from a year earlier. National Mortgage Professional reported foreclosure inventory at 248,000 loans in April, up 5.3% from a year earlier, even as overall mortgage performance stayed stable. (nationalmortgageprofessional.com) That pattern is consistent with ICE’s recent releases. The company’s April 2025 First Look showed foreclosure starts, sales and active inventory all rising on an annual basis after earlier post-pandemic lows, while a May 2024 release said active foreclosure inventory was still well below pre-pandemic norms at that time. (nationalmortgageprofessional.com) ### What is the cleanest way to read this data? ICE’s data points to a market where most homeowners are still paying on time, while a smaller group of already-distressed borrowers is taking longer to recover. Mirza Hodzic, managing director and founder of BlackWolf, told National Mortgage Professional that the “mix of stability and stress” stands out because the flat headline delinquency rate sits alongside a year-over-year increase concentrated in 90-plus-day delinquencies. (mortgagetech.ice.com) ICE said its First Look is the early monthly snapshot of delinquency, foreclosure and prepayment trends drawn from a loan-level database covering a majority of the U.S. mortgage market. The company said a fuller Mortgage Monitor report follows later with additional charts and analysis. (mortgagetech.ice.com) (nationalmortgageprofessional.com)

Key numbers

Intercontinental Exchange said on May 26 that April mortgage performance was broadly stable even as late-stage distress and foreclosure inventory kept rising.
ICE said 555,000 mortgages were 90 or more days past due but not in foreclosure in April, up 21% from a year earlier.
ICE said it will publish a fuller monthly Mortgage Monitor after the May 26 First Look data release.
Intercontinental Exchange said on May 26 that U.S.

What happens next

Intercontinental Exchange said on May 26 that U.S.
(mortgagetech.ice.com) (nationalmortgageprofessional.com) - Intercontinental Exchange said on May 26 that April mortgage performance was broadly stable even as late-stage distress and foreclosure inventory kept rising.
ICE said it will publish a fuller monthly Mortgage Monitor after the May 26 First Look data release.

Sources

Quick answers

What happened in Serious delinquencies rise to 555,000?

Intercontinental Exchange said on May 26 that April mortgage performance was broadly stable even as late-stage distress and foreclosure inventory kept rising. ICE said 555,000 mortgages were 90 or more days past due but not in foreclosure in April, up 21% from a year earlier. ICE said it will publish a fuller monthly Mortgage Monitor after the May 26 First Look data release.

Why does Serious delinquencies rise to 555,000 matter?

Intercontinental Exchange said on May 26 that U.S. mortgage performance was broadly stable in April, even as the number of borrowers in deeper trouble remained elevated. ICE’s First Look report showed the national delinquency rate held at 3.35% in April, unchanged from March and still below pre-pandemic levels. At the same time, loans 90 or more days past due but not yet in foreclosure stayed well above year-earlier levels, and active foreclosure inventory also increased. The split matters because it shows stress is not broad-based, but is concentrated in borrowers who are already well behind. If the overall delinquency rate was flat, why are people focused on serious delinquencies? ICE said the headline number masked a different mix underneath. The company reported that overall delinquencies were up 13 basis points from a year earlier, driven primarily by loans that were 90 or more days past due but not yet in foreclosure. Andy Walden, ICE’s head of mortgage and housing market research, said the annual increase in past-due loans “continues to be concentrated in later-stage delinquencies, while early-stage delinquencies remain below last year’s levels.” ICE’s April 2026 First Look put the number of seriously delinquent loans at about 555,000. National Mortgage Professional, citing the same ICE release, said that represented a 21% increase from a year earlier, or roughly 101,000 additional loans. (ir.theice.com) What does 555,000 actually measure? ICE defines serious delinquencies as mortgages 90 or more days past due but not in active foreclosure. That category excludes loans that are only 30 or 60 days late and excludes loans already in the foreclosure process. (nationalmortgageprofessional.com) ICE said serious delinquencies declined seasonally for a second straight month in April, but remained far above the level a year earlier. That means some borrowers are curing or moving back toward current status, but the stock of deeply delinquent loans is still larger than it was in spring 2025. (ir.theice.com) Are borrowers catching up, or is distress still building? ICE said cure activity improved in March and April. More than 62,000 borrowers cured seriously delinquent loans in each of those months, up from an average of 42,000 cures during the prior four months. (nationalmortgageprofessional.com) Walden said that rebound in cures was worth watching, but he also said cure volumes remained 20% below year-earlier levels. In other words, recoveries improved from the winter pace, but they have not returned to where they were a year ago. (nationalmortgageprofessional.com) What is happening in foreclosure inventory? ICE said active foreclosure inventory also moved higher from a year earlier. National Mortgage Professional reported foreclosure inventory at 248,000 loans in April, up 5.3% from a year earlier, even as overall mortgage performance stayed stable. (nationalmortgageprofessional.com) That pattern is consistent with ICE’s recent releases. The company’s April 2025 First Look showed foreclosure starts, sales and active inventory all rising on an annual basis after earlier post-pandemic lows, while a May 2024 release said active foreclosure inventory was still well below pre-pandemic norms at that time. (nationalmortgageprofessional.com) What is the cleanest way to read this data? ICE’s data points to a market where most homeowners are still paying on time, while a smaller group of already-distressed borrowers is taking longer to recover. Mirza Hodzic, managing director and founder of BlackWolf, told National Mortgage Professional that the “mix of stability and stress” stands out because the flat headline delinquency rate sits alongside a year-over-year increase concentrated in 90-plus-day delinquencies. (mortgagetech.ice.com) ICE said its First Look is the early monthly snapshot of delinquency, foreclosure and prepayment trends drawn from a loan-level database covering a majority of the U.S. mortgage market. The company said a fuller Mortgage Monitor report follows later with additional charts and analysis. (mortgagetech.ice.com) (nationalmortgageprofessional.com)