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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.

2nd Mortgage Delinquency Continues Improving

90-day 1st mortgage delinquency up 11 BPS in November

Dec. 18, 2012

By Mortgage Daily staff

Seriously late payments on first liens pushed overall monthly consumer delinquency higher. The past-due rate on junior liens, however, improved and has tumbled by more than half over the past year. A Texas town experienced the only improvement in overall delinquency among the nation's biggest cities.

First mortgage delinquency of at least 90 days was 1.58 percent in November.

The rate increased from October, when 90-day delinquency was 1.47 percent. It was the second consecutive month of deterioration -- though first mortgage delinquency reached a post-recession low of 1.36 in September.

The data were released Tuesday as part of the S&P/Experian Consumer Credit Default Indices.

"The first mortgage was the only product line that increased in November," David M. Blitzer, managing director and chairman of the index committee for S&P Dow Jones Indices said in the report. "While the increase in the first mortgage default rate is quite small, it bears watching since it repeats across four of the five cities we track.

During the same month last year, 90-day delinquency was 2.17 percent. The year-earlier number had increased for three months in a row, suggesting at least some seasonality in the rate.

Moving on to second mortgages, the 90-day delinquency rate was 0.62 percent last month, retreating from 0.65 percent in October.

The level of past-due second mortgages in November 2011 was 1.26 percent.

The composite delinquency index, which reflects late payments on other types of consumer credit in addition to first and second mortgages, was 1.64 percent in November.

A month earlier, the composite delinquency rate was 1.55 percent, while it was 2.17 percent a year earlier.

The composite index also hit a post-recession low of 1.46 percent in September.

"This increase in national default rates was solely driven by an increase in the first mortgage default rate," Blitzer said. "All other loan types -- auto loan, bank card and the second mortgage -- posted decreases in their default rates in November."

Among the five-biggest metropolitan statistical areas, Miami maintained its position as the MSA with the highest delinquency rate: 2.66 percent. Miami's rate climbed from 2.44 percent in the previous month.

Dallas' 1.25 percent rate was the lowest, 1 basis point better than in October and the only month-over-month decline among the five MSAs.

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