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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.

Delinquency Takes Turn for Worse

First mortgage 90-day rate up 5 BPS in September

Oct. 15, 2013

By Mortgage Daily staff

The rate of serious delinquency was worse last month on both senior and junior liens, and the Big Apple led the deterioration.

First mortgages that were at least 90 days delinquent represented 1.28 percent of the collective U.S. portfolio during September.

Serious delinquency worsened from the previous month, when the rate was 1.23 percent -- a recent low for the category.

However, first mortgage delinquency improved from 1.36 percent in the same month last year.

The delinquency statistics were based on data from the S&P/Experian Credit Default Indices.

Ninety-day delinquency on second mortgages increased to 0.69 percent from 0.57 percent in August.

But, unlike with first mortgage performance, the second mortgage rate worsened from September 2012, when it came in at 0.64 percent.

The composite index, which in addition to first and second mortgage delinquency reflects performance on other types of consumer credit, rose to 1.38 percent from 1.34 percent a month earlier. But the composite rate was better than 1.46 percent a year earlier.

In New York, the composite rate climbed to 1.38 percent from 1.21 percent in August -- the biggest increase among the five-biggest Metropolitan Statistical Areas.

Dallas was also worse, up 10 basis points to 1.23 percent.

A 6-basis-point improvement left Chicago's 90-day delinquency rate at 1.77 percent and Los Angeles' rate at 1.38 percent.

At 2.11 percent, Miami's delinquency was 8 BPS better than in August -- the biggest improvement of any of the five MSAs.

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