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Continued Progress in Residential Loan Performance

30-day delinquency down 80 BPS in Q3

Nov. 7, 2013

By Mortgage Daily staff

Residential loan servicers continue to make progress on the level of mortgage delinquency and the foreclosure inventory rate.

The rate of 30-day residential delinquency, including home loans in the foreclosure inventory, finished September at 9.49 percent.

Mortgage delinquency was better than three months earlier, when the 30-day past-due rate came in at 10.29 percent.

Even more gains were made compared to the end of the third-quarter 2012, a point when delinquency stood at 11.47 percent.

The delinquency levels were reported in the National Delinquency Survey Q3 2013 from the Mortgage Bankers Association. The full results of the survey cost MBA members $2,500 and non-members $4,000.

"Many mortgage servicers are already reducing their staffs that handled delinquent loans and foreclosures and we expect that trend to continue as the numbers continue to fall," outgoing MBA Chief Economist Jay Brinkmann explained in the report.

The latest U.S. delinquency rate included a seasonally adjusted 30-day rate of 6.41 percent, falling from 6.96 percent at the end of the previous period.

Reflected in the 30-day rate was a 2.56 percent 90-day rate. Serious delinquency was also lower, falling from 2.65 percent as of June 30.

Excluding loans in foreclosure, Mississippi's 11.50 percent 30-day delinquency rate was the highest of any state.

Alabama followed with a 9.13 percent rate, then Georgia's 8.94 percent, Louisiana's 8.85 percent and Indiana's 8.50 percent.

With a 30-day rate of just 2.59 percent, North Dakota had the best-performing residential loans.

Also included in the total U.S. rate was a 3.08 percent foreclosure inventory rate, off from 3.33 percent as of June 30. The foreclosure rate was not seasonally adjusted.

"While home prices have shown some considerable improvement, in only a small number of states are they back above their pre-2007 levels," Brinkmann stated. "This is noteworthy because roughly three-quarters of all seriously delinquent loans were originated in 2007 or earlier.

"So even if the economy continues to improve, those loans are more likely to proceed to foreclosure in the event of a divorce, illness or loss of a job because of lack of borrower equity. This will keep the foreclosure rates above historical norms for a few more years despite the strong credit standards of recent vintages."

Florida had the worst foreclosure rate of any state: 9.48 percent. New Jersey followed with an 8.28 percent rate. Next was New York's 6.34 percent, Maine's 5.44 percent and Illinois' 4.87 percent.

At 0.66 percent, Wyoming had the lowest foreclosure inventory rate.

Total 30-day delinquency on just prime mortgages, including foreclosures, declined to 5.75 percent from the previous quarter's rate of 6.45 percent.

On subprime loans, the rate fell to 31.34 percent from 33.87 percent.

Thirty-day delinquency on mortgages insured by the Federal Housing Administration was 13.42 percent, down from 14.71 percent at the end of June.

On loans guaranteed by the Department of Veterans Affairs, delinquency tumbled to 7.22 percent from 8.02 percent.

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