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Subprime ARMs, VA Loans Push Mortgage Delinquency Up

Total delinquency rate down 3 BPS in Q1

May 9, 2013

By Mortgage Daily staff

Thanks to deteriorating performance on adjustable-rate subprime loans and veteran mortgages, one-month delinquency on home loans, excluding foreclosures, was worse. The foreclosure inventory rate, however, was better -- pulling overall delinquency down.

Residential delinquency as of March 31, including the share of loans in the foreclosure inventory, slipped 3 basis points from the end of last year to 10.80 percent.

The total delinquency rate came in at its lowest level in more than four years.

The rate of past-due payments slid from March 31, 2012, when the 30-day delinquency rate was 11.79 percent.

The Mortgage Bankers Association reported the results in its National Delinquency Survey for the first-quarter 2013.

At 7.25 percent the seasonally adjusted 30-day rate, excluding foreclosures, was 16 basis points worse than as of Dec.31, 2012. But it was still better than 7.40 percent as of one year prior.

In Mississippi, the delinquency rate, excluding foreclosures, was 11.04 percent, the highest rate of any state. Georgia's 9.01percent was next, then 8.93 percent in Alabama, 8.52 percent in Louisiana and 8.39 percent in Maryland.

The unadjusted U.S. foreclosure rate was 3.55 percent, 19 BPS better than at the end of the fourth quarter. The foreclosure rate was down 84 BP from the first quarter of last year.

RealtyTrac reported Thursday that the foreclosure rate improved again in April.

The foreclosure rate was highest in Florida, where 11.43 percent of loans were in Foreclosure.

New Jersey was next with a 9.00 percent rate. After that was 6.18 percent in New York, 5.89 percent in Illinois and 5.80 percent in Maine.

Foreclosures were lowest in Wyoming, where the rate was just 0.70 percent..

Delinquency excluding foreclosures was down on prime mortgages, to 4.25 percent from 4.35 percent in the previous report. Foreclosures fell to 2.47 percent from 2.62 percent on loans considered prime.

But on subprime loans, 30-day delinquency climbed to 21.19 percent from 20.30 percent one month earlier, though foreclosures fell to 10.79 percent from 11.93 percent.

Among subprime mortgages, the 30-day rate on adjustable-rate mortgages was up to 23.72 percent from 22.34 percent, though the one-year Treasury yield -- which dictates which way many ARM rates will adjust -- stands at just 0.11 percent, about 7 BPS better than exactly one year ago.

Another poorly performing group was loans guaranteed by the Department of Veterans Affairs. The 30-day rate on VA mortgages jumped to 6.34 percent from 5.97 percent but was better than 6.57 percent 12 months prior.

The foreclosure rate on VA loans slipped to 1.98 percent from 2.08 percent at the end of the fourth quarter.

The delinquency rate on loans insured by the Federal Housing Administration was better than both the prior period and the year-earlier period. The rate fell 20 BPS to 10.97 percent and was down from 12.00 percent at the same point in 2012.

FHA delinquency for both fixed-rate and adjustable-rate loans reportedly increased. However, MBA explained the discrepancy, "FRM and ARM data are reported by a smaller sample of companies. Consequently, the weighted sum of FRM and ARM delinquency rates does not necessarily equal the overall delinquency rate.."

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