twitter linkedin
facebook google+
Search:

Mortgage News

News by Subject
Complete list of specialty news sections.

Purchase Subscription
Subscribe to MortgageDaily.com and get immediate access to all news, statistics and archives.

Mortgage Advertising
Reach mortgage executives, loan originators and other people tied to mortgage industry.

Consumer Mortgage News
Free mortgage news for prospective borrowers.

Mortgage Newsletter
Free e-mail newsletter with the latest headlines from MortgageDaily.com.

Mortgage News Reprints
Put entire MortgageDaily.com stories in your online or printed newsletter or publication.

Mortgage Feedget RSS code
Condensed MortgageDaily.com stories free on your Web site or for your RSS reader.

News Archives
Archive of MortgageDaily.com stories by month going back to 1999.

Press Releases
Reports and announcements from MortgageDaily.com.

Mortgage Statistics
Data and statistics for real estate finance.

Mortgage Directories
Directories of lenders, branch operators and mortgage service providers.

Mortgage Graphs
Directories of lenders, branch operators and mortgage service providers.

home subscribe advertise reprints e-mail help RSS about us LOG IN

Mortgage News

 

Mortgage News

HOT Topics

production

servicing

compliance

legal

fraud

secondary

jobs

appraisal

site map

www.loan-academy.com/
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.


FHA, Subprime Delinquency Diverge

MBA reports 4.84% Q1 delinquency

June 14, 2007

By SAM GARCIA Mortgage Daily



States in the Midwest drove quarterly delinquency higher, according to a trade group report. Subprime delinquency soared while late pays on loans insured by the Federal Housing Administration tumbled.

Residential delinquency ended the first quarter at a seasonally adjusted rate of 4.84 percent, the Mortgage Bankers Association said in its National Delinquency Survey released today. Late pays were down 11 basis points from the fourth quarter but 43 BPS higher than the first quarter 2006.

The survey reflects data from nearly 44 million residential first mortgages, with nearly 6 million of the loans being subprime.

Prime loan delinquency was 2.58 percent, barely changed, while subprime delinquency jumped 44 BPS to 13.77 percent, according to the first quarter data. FHA delinquency tumbled 131 BPS to 12.15 percent, and VA delinquency was down 33 BPS to 6.49 percent.

Delinquency was highest in the South, at 5.59 percent, and lowest in the West, at 3.16 percent, the report indicated.

First quarter foreclosures, which MBA reported at 1.28 percent, were up 9 BPS from the prior period and 30 BPS from a year earlier. The rate of loans entering the foreclosure process was a record 0.58 percent, up 4 BPS from the previous quarter.

"The percentage of loans in foreclosure would be well below the average of the last ten years were it not for Ohio, Michigan and Indiana," MBA Chief Economist Doug Duncan said in a statement. "And the rate of foreclosures started nationwide would have fallen were it not for the big jumps in California, Florida, Nevada and Arizona."

Duncan noted foreclosure starts, which declined in 24 states, jumped 19 BPS in Nevada, 13 BPS in Florida and 12 BPS in California -- adding that real estate speculators walking away from properties with falling values have heavily influenced this activity. Driven by activity in these states as well as Arizona, foreclosures started on subprime adjustable-rate mortgages jumped to 3.23 percent from 2.7 percent the prior period.

Indiana, Michigan and Ohio accounted for 20 percent of all U.S. foreclosures -- even though the states account for just 9 percent of all U.S. mortgages, the economist said. He blamed large manufacturing employment declines for Midwest problems.

"The level of foreclosures and foreclosure starts for those three states exceed what occurred in Texas during the oil bust of the mid-1980s, and Ohio is the highest ever seen in the MBA survey for a large state," he added.


purchase National Delinquency Survey

next story

back to current headlines


Sam Garcia founded Mortgage Daily in 1998 and became its full-time publisher in 2000. Prior to his news career he worked in mortgage lending for two decades.

e-mail:
[email protected]


FHA News | Government Resources | M o r t g a g e e Letters | FHA Statistics
FHA, VA and HECM mortgage news. HUD and G i n n i e news also. Originations, servicing and FHA approval.



Nonprime and Subprime News | Subprime Statistics
Stories about non-QM products. Coverage of subprime, Alt-A and
hard money lending. Home-equity loans and home-equity lines of credit.


Logout forgot
password?

SUBSCRIBERS: Edit Subscription | Subscription Help | or call 214.521.1300

Subscribe Contact Us Site Map

Copyright © 2017 Mortgage Daily, D a l l a s
Subsribers Only:

AMC directory

ARM indexes

mortgage company directory

mortgage regulations

net branch directory

p r i c i n g engine directory

wholesale lender directory

More Mortgage News Resources (full site map):

advertising news

appraisal news

bank news

biggest lenders

commercial mortgage news

corporate mortgage news

credit news

FHA news

financial regulation news

foreclosure news

GSE news

jumbo mortgage news

interest rates

loan modification news

loan originator survey

LOS Newsletter

MBS

mortgage associations

mortgage-backed securities

mortgage books

mortgage brokers

mortgage compliance

mortgage conferences

mortgage directories

mortgage education

mortgage employment

mortgage employment index

mortgage executives

mortgage fraud

mortgage fraud blog

mortgage fraud local news

Mortgage Fraud Index

Mortgage Graveyard

mortgage insurance news

mortgage lawsuits

mortgage leads

mortgage lender ranking

mortgage licenses

mortgage litigation

Mortgage Litigation Index

Mortgage Market Index

mortgage mergers

mortgage news

mortgage politics

mortgage press releases

mortgage production

mortgage public relations

mortgage rates

mortgage servicing

mortgage statistics

mortgage technology

mortgage video

mortgage Webinars

net branch

net branch directory

nonprime news

origination news

originator tools

real estate news

refinance news

reverse mortgage news

secondary marketing

social media

servicing news

subprime news

wholesale lenders