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.


Delinquency Surges

5.59% Q3 delinquency

Dec. 6, 2007

By Mortgage Daily staff

 

Quarterly delinquency reached the highest level in more than 20 years, while foreclosures reached the highest level ever. Variable rate subprime loans were responsible for most of the rise in foreclosure activity.

Third quarter residential delinquency, excluding loans in the foreclosure process, was 5.59%, the Mortgage Bankers Association reported in its National Delinquency Survey today. Delinquency jumped 47 basis points from the second quarter and was 92 BPS higher than a year earlier.

Subprime loans performed most poorly, with delinquency jumping 149 BPS to 16.31%, while only rising 34 BPS for FHA loans and 39 BPS for prime loans, MBA said. The states with the highest delinquency were Mississippi, at 10.6%; Michigan, with a rate of 8.34%; and Georgia, at 7.93%.

"This is the first quarter which registers the full combined effects of the seizure of the nonconforming securitization market, broad-based home price declines, continued weakness in some regional economies and rate adjustments on monthly payments," MBA Chief Economist Doug Duncan explained in the announcement.

The Washington, D.C.-based trade group reports delinquency figures on a seasonally adjusted basis.

The foreclosure rate ended the latest period at 1.69%, rising 29 BPS from the second quarter and up 0.64% from the third quarter last year, MBA said. Loans entering foreclosure were 0.78%, up 13 BPS from the prior quarter.

Subprime adjustable-rate mortgages also drove the quarterly increase in foreclosures, soaring 0.88% to 4.72%, the data indicated. Even prime ARM foreclosures jumped, up 40 BPS to 1.02%.

"While subprime ARMs only represent 6.8% of the loans outstanding, they represent 43.0% of the foreclosures started during the third quarter," MBA stated.

The foreclosure rate was highest in Ohio, at 3.72%; followed by Indiana, with a 3.28% rate; and Michigan, at 3.07%, the release said.

Serious delinquency, loans at least 90 days past due -- including foreclosures, was 2.95% on Sept. 30, up from 2.47% on June 30 and 2.00% a year earlier, the report indicated.

Total delinquency was higher than at any point since 1986, while foreclosures have never been this high, according to the report.


purchase National Delinquency Survey

next story

back to current headlines




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