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Jumbo Mortgage News

Further Deterioration in Jumbo Performance

Jumbo RMBS delinquency 9.6%

Feb. 8, 2010

By staff

For the second time in six weeks, a report has been released indicating a deterioration in the performance of jumbo borrowers with prime credit. The latest report predicts that the level of jumbo delinquency will soon cross a milestone.

Last month, Lender Processing Services Inc. reported that overall residential delinquency of at least 60 days climbed more than 10 basis points in December.

"Within prime loans, those with current unpaid principal balances between $417,000 and $600,000 have performed the worst," the LPS report said.

Today, Fitch Ratings reported that delinquency of at least 60 days on securitized prime jumbo loans rose for the 32nd consecutive month to 9.6 percent in January. The jumbo rate was just 9.2 percent in December.

"The new year has brought no relief from declining jumbo loan performance," Fitch Managing Director Vincent Barberio said in the statement. "The trend line for delinquencies indicates the 10 percent level could be reached as early as next month."

The ratings agency noted that prime jumbo delinquency nearly tripled over last year. Even more seasoned loans are deteriorating -- though they are still performing better than loans issued in 2005 and later.

In Florida, where 6 percent of securitized jumbo loans are located, jumbo delinquency was 16.6 percent.

California's 11.3 percent followed Florida. The Golden State accounts for 44 percent of jumbo loans.

In New Jersey, where 4 percent of jumbo loans are located, the delinquency rate was 7.4 percent. New York accounts for 7 percent of jumbo loans and had a 6.1 percent level of delinquency, while Virginia -- with a 5 percent share of the market -- saw jumbo delinquency come in at 5.6 percent.

"Of the three major RMBS sectors - prime, Alt-A, subprime -- prime is the only sector currently experiencing roll-rates higher than one year ago," Fitch said.

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