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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.

Record HELOC, HEL Delinquency

HEL Q4 delinquency 3.03%

April 2, 2009

By staff

Banks reported record delinquency on home-equity products.

Home-equity loan delinquency of at least 30 days was 3.03 percent in the fourth quarter 2008, according to the American Bankers Association's Consumer Credit Delinquency Bulletin. The fourth-quarter rate was the highest on record.

HEL delinquency rose from 2.63 percent in the third quarter and 2.39 percent on Dec. 31, 2007.

Late payments on home-equity lines-of-credit were 1.46 percent during the latest period -- also a record. HELOC delinquency was 1.15 percent in the third quarter and 0.96 percent in the fourth-quarter 2007.

Delinquency on property-improvement loans rose to 1.75 percent from the third quarter's 1.63 percent, but mobile home loans saw a 12 basis point decrease to 2.96 percent.

The ABA's composite ratio -- which reflects delinquency from eight categories of consumer credit -- rose 32 basis points to a record 3.22 percent on a seasonally adjusted basis.

The trade group attributed the deterioration to 2 million fourth-quarter job losses as "the U.S. economy is experiencing the worst recession since the mid 1970's." The rapid economic decline is hitting all regions and most business sectors.

Nonprime and Subprime News | Subprime Statistics
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hard money lending. Home-equity loans and home-equity lines of credit.

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