See the top of page 14 in module 5.2 under the heading Definitions of Mortgage Delinquency.

The following sentence is incorrect - "Delinquent: A borrower is delinquent on the mortgage when s/he fails to make a payment by the end of a grace period following the due date."

The correct definition is "Delinquency occurs when all or part of a borrower’s monthly mortgage payment is unpaid after the due date." This means a loan is technically delinquent at after midnight on the date the payment is due. The 15 day grace period is for the assessment of late charges only. If payment hasn't been made by day 30, the servicer then reports the delinquency to the credit bureau.

This is the GSEs' definition of delinquency.

Please correct the module.

Thank you.