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Servicing News | Servicer Ranking | Delinquency Statistics
Stories about mortgage servicers, delinquency and f o r e c l o s u r e s. Coverage of servicing lawsuits and loan servicing technology.

Serious Delinquency Worsening

90-day delinquency up 10 BPS in December on first mortgages

Jan. 15, 2013

By Mortgage Daily staff

The rate of serious delinquency on residential first mortgages has risen each of the last three months. Even second mortgage delinquency moved higher in the final month of 2012.

First mortgages that were past-due at least 90 days accounted for 1.68 percent of all outstanding first liens as of Dec. 31.

Delinquency was worse than during November, when the rate was 1.58 percent. In fact, the 90-day rate on first mortgages has increased each month since September's post-recession low of 1.36 percent.

The statistics were released Tuesday as part of the S&P/Experian Credit Default Indices..

But late payments have retreated from the end of 2011, when the delinquency rate was 2.19 percent.

On second mortgages, the 90-day rate was 0.69 percent at the end of last year, higher than 0.62 percent as of Nov. 30.

A year prior, second-mortgage delinquency was 1.33 percent,.

The composite delinquency rate, which also reflects performance on bank cards and automobile loans, was 1.72 percent as of Dec. 31, higher than 1.64 percent a month earlier but better than 2.24 percent a year earlier.

"Fourth-quarter consumer default rates reversed some of the recent declines and pushed the composite default rate above its level of last May," David M. Blitzer, managing director and chairman of the index committee for S&P Dow Jones Indices, said in the report. "The principal culprits were first and second mortgages."

While the five-biggest metropolitan statistical areas all saw increases in their composite delinquency rates last month, Miami maintained its standing as the MSA with the highest rate: 3.07 percent.

At 1.26 percent, Dallas had the lowest rate.

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