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Q1 Delinquencies Up 28 BPS From Year Ago

ARM delinquencies fall

June 4, 2002


Mortgage loan delinquencies are 28 basis points (BPS) higher than the first quarter of 2001, according to latest quarterly National Delinquency Survey from the Mortgage Bankers Association of America (MBA). Compared to the fourth quarter of 2001, MBA said the overall share of homeowners paying their mortgages late was relatively flat at 4.65%.

MBA says the survey currently covers more than 32 million loans on 1-4 unit residential properties, representing about half of all "first-lien" residential mortgage loans outstanding in the U.S.

The percentage of loans in the process of foreclosure at the end of the most recent quarter rose 6 BPS from the fourth quarter to 1.10%, while the percentage of loans in which foreclosure started during the quarter remained at 0.37 percent. "And the percentage of loans in the foreclosure process are up 20 basis points over the first quarter of 2001, continuing a trend we have seen throughout 2001," said MBA's chief economist, Doug Duncan. "Nonetheless, over the course of the next three to four quarters as the economy improves, rates may vary slightly but are expected to drop."

Duncan noted that a shift in the composition improved the overall rate. "One result of the 2001 refinancing wave was that loans moved out of the FHA and VA categories that have much higher delinquency rates and into the conventional loan category with a much lower rate, thus the drop in the overall rate."

MBA reported that the seasonally adjusted delinquency rate for conventional loans was 3.04 percent, up 3 BPS from the previous quarter. The FHA delinquency rate was 11.23%, up 20 BPS, and the VA rate was 7.81%, up 8 BPS.

Adjustable rate mortgages saw an 18 BPS drop in the delinquency rate to 5.72%, while fixed rate mortgages rose 4 BPS to 3.92%.

Sam Garcia has been in mortgage lending since 1980, and is the Publisher of MortgageDaily.com. He also owns and operates CloseNow.com, a consumer real estate portal site.

email: [email protected]

Copyright © 2002 Sam Garcia

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