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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.

Improved Mortgage Performance Holds

90-day first mortgage delinquency unchanged in May

June 18, 2013

By Mortgage Daily staff

Serious delinquency on first lien mortgages maintained its post-recession low status, while the rate on junior liens fell to the lowest level in at least nearly a decade.

First mortgages that were past due at least 90 days accounted for 1.31 percent of all first liens outstanding as of the end of May.

The 90-day rate, which is also known as the serious delinquency rate, was unchanged from a month earlier but still stands at a post-recession low.

A substantial improvement has been made since the same month last year, when the rate stood at 1.50 percent.

The data were disclosed in the S&P/Experian Consumer Credit Default Indices.

Serious delinquency on second mortgages was 0.60 percent -- the lowest level on record since the indices were launched in 2004.

Second mortgage delinquency was 2 basis points lower than in April and 28 BPS better than in May 2012.

The composite index, which factors in mortgage performance as well as performance on other types of consumer credit, was 1.42 percent last month, the same as in April and 20 BPS lower than one year prior. The composite index sits at its lowest level since the recession.

Deterioration in New York left the state's composite index at 2.04 percent, the highest among the five-largest metropolitan statistical areas.

Delinquency in Dallas fell 15 BPS from April to 0.85 percent -- the lowest rate of any MSA.

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