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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.

Q2 Home Equity Performance Suffers

HEL 30-day rate up 9 BPS

Oct. 5, 2012

By Mortgage Daily staff

Performance on bank-owned home-equity products took a turn for the worse in the second quarter. While closed-end delinquency was up, the rise in open-end late payments was more pronounced.

Delinquency of at least 30 days on home-equity loans that are owned by banks and thrifts was 4.09 percent as of June 30. The HEL rate worsened from the end of the first quarter, when delinquency stood at 4.00 percent.

In the same quarter during 2011, the 30-day HEL rate was 4.12 percent.

The American Bankers Association reported the statistics in its Consumer Credit Delinquency Bulletin.

On home-equity lines of credit, delinquency jumped to 1.91 percent from the first quarter's 1.78 percent. HELOC past-due payments, however, were unchanged from the same three-month period in 2011.

Late payments on property improvement loans increased to 0.90 percent from 0.83 percent.

"While the housing market appears to have turned a corner, we are many quarters away from seeing improvement filter through to reduce home-related delinquencies," ABA Chief Economist James Chessen said in the report.

But mobile home loan delinquency was down -- to 3.15 percent from 3.25 percent as of March 31.

Including eight closed-end consumer lending categories, the composite ratio was 2.24 percent, down 11 BPS from three months earlier and 64 BPS better than a year earlier.

"Consumers are saving more and borrowing less as they work to pay down debt at a faster rate," Chessen said. "Economic uncertainty has made consumers hesitant to take on new debt, and building a stronger financial base has become a priority."

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