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Foreclosure Data Tracker - Financial Regulation

(Last updated May 18, 2020.)

The Office of the Commissioner of Financial Regulation (OCFR) is responsible for the administration of online foreclosure notice and registration systems. Maryland law requires lenders and secured parties to submit certain information to OCFR through these systems during the residential foreclosure process.

The information in the foreclosure systems is used internally by OCFR to assist in carrying out its supervisory and enforcement powers, conducting outreach activities, and analyzing foreclosure trends; and certain information is also available to county and municipal governments to aid in property nuisance abatement (i.e. code enforcement or law enforcement) and other responsibilities under the purview of local jurisdictions. Pursuant to Maryland law, the foreclosure systems are not available for public use (except with regard to certain property specific information under certain criteria) and the records contained therein are only accessible to authorized parties.

VIEW FORECLOSURE DATA

OCFR is publishing aggregated data from the foreclosure systems to inform public policy as it relates to the economic impact of the COVID-19 health emergency in Maryland. Please contact Foreclosure Administration staff at FinReg.ForeclosureSystems@maryland.gov if you have questions or need assistance.

DESCRIPTION OF DATA

Notice of Intent to Foreclose (NOI)

A Notice of Intent to Foreclose, or NOI, is a written notice that a lender or loan servicer is required to mail to a borrower when the lender or servicer intends to start the foreclosure process. NOI’s are typically sent after the borrower missed one or more mortgage payments or commits another contractual default. The NOI notifies the borrower that they are in default and, unless they act to resolve the default, a foreclosure action could be filed in court in as little as 45 days. Maryland law requires the lender or servicer to electronically submit a copy of the NOI data to OCFR within 5 business days of mailing to the borrower. [See Real Property §7-105.1(c) and COMAR 09.03.12.02.]

The NOI numbers can be an indicator of the number of mortgage defaults in Maryland. Most borrowers who receive an NOI do not end up in foreclosure because they are able to reach a resolution with their lender or servicer, or otherwise catch up on missed payments.

NOTE: Per Governor Hogan’s Executive Order number 20-04-03-01, there is to be no initiation of residential foreclosures effective April 3, 2020. OCFR has suspended operation of the NOI reporting system effective April 10, 2020 until further notice or the state of emergency is lifted.

Notice of Foreclosure (NOF)

A Notice of Foreclosure, or NOF, is an electronic registration submitted to OCFR within 7 days of the initial court filing that starts the legal foreclosure process, by the party authorized to foreclose. The NOF contains information used primarily by local governments for nuisance abatement. (Normally an NOI must be issued at least 45 days before the court filing that precedes the NOF, unless certain criteria are met.) [See Real Property §7-105.2.]

The number of NOF registrations indicate the number of legal foreclosure actions started in Maryland. Not every property with an NOF will be foreclosed upon; for example, a foreclosure may be dismissed if the borrower is able to reach an agreement with their lender or servicer.

NOTE: Per Maryland Court of Appeals Chief Judge Barbera’s administrative order effective March 18, 2020, any foreclosure action in court, including the court filing which precedes the NOF, is immediately stayed until further notice.


NOI AND NOF VOLUME

See the figures below for:

  • The number of NOIs and NOFs received by OCFR in the previous 12 months; and
  • The number of NOIs and NOFs received by OCFR in the previous 52 weeks.

Figure 1.
Notice  of Intent to Foreclose and Notice of Foreclosure, Volume by Month (GRAPH)

 

Figure 2.

NOI / NOF Volume by Month

Month-Year

NOI Number Received

NOF Number Received

April-2020

1,041

205

March-2020

4,653

752

February-2020

5,616

1,062

January-2020

6,720

1,114

December-2019

6,257

1,076

November-2019

5,809

1,029

October-2019

6,216

1,184

September-2019

5,435

949

August-2019

8,624

1,352

July-2019

5,191

1,412

June-2019

4,515

1,212

May-2019

5,240

1,364

Figure 3.

NOI / NOF Volume by Week

Week Start
(Monday)

Week End
(Sunday)

NOI Number Received

NOF Number Received

5/11/2020

5/17/2020

n/a

27

5/4/2020

5/10/2020

n/a

31

4/27/2020

5/3/2020

n/a

35

4/20/2020

4/26/2020

n/a

25

4/13/2020

4/19/2020

n/a

47

4/6/2020

4/12/2020

163

28

3/30/3030

4/5/2020

1922

50

3/23/2020

3/29/2020

812

63

3/16/2020

3/22/2020

1093

288

3/9/2020

3/15/2020

1320

254

3/2/2020

3/8/2020

1428

274

2/24/2020

3/1/2020

1370

315

2/17/2020

2/23/2020

1113

275

2/10/2020

2/16/2020

1094

238

2/3/2020

2/9/2020

1811

233

1/27/2020

2/2/2020

1380

332

1/20/2020

1/26/2020

1209

208

1/13/2020

1/19/2020

1530

248

1/6/2020

1/12/2020

1564

249

12/30/2019

1/5/2020

1621

185

12/23/2019

12/29/2019

1252

201

12/16/2019

12/22/2019

1284

262

12/9/2019

12/15/2019

1821

252

12/2/2019

12/8/2019

1544

253

11/25/2019

12/1/2019

1032

203

11/18/2019

11/24/2019

1283

291

11/11/2019

11/17/2019

1068

247

11/4/2019

11/10/2019

954

247

10/28/2019

11/3/2019

2374

273

10/21/2019

10/27/2019

1374

299

10/14/2019

10/20/2019

1119

243

10/7/2019

10/13/2019

1391

212

9/30/2019

10/6/2019

1481

260

9/23/2019

9/29/2019

1190

243

9/16/2019

9/22/2019

1300

247

9/9/2019

9/15/2019

1830

190

9/2/2019

9/8/2019

1049

206

8/26/2019

9/1/2019

2379

338

8/19/2019

8/25/2019

3197

295

8/12/2019

8/18/2019

1226

336

8/5/2019

8/11/2019

1364

285

7/29/2019

8/4/2019

1021

315

7/22/2019

7/28/2019

833

390

7/15/2019

7/21/2019

1164

281

7/8/2019

7/14/2019

1342

300

7/1/2019

7/7/2019

1289

224

6/24/2019

6/30/2019

876

365

6/17/2019

6/23/2019

1324

325

6/10/2019

6/16/2019

1084

260

6/3/2019

6/9/2019

1199

256

5/27/2019

6/2/2019

1011

255

5/20/2019

5/26/2019

864

276

 

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