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FHA Revises Serious Delinquency

Decline from 2011 to 2012 not as big as originally reported

Feb. 12, 2013

By Mortgage Daily staff


A revision by the Federal Housing Administration to its reported level of serious delinquency means that the level of past-due payments declined less last year than originally reported.

Last week, FHA reported in its Monthly Report to the FHA Commissioner that delinquency of at least 90 days on its residential book of business was 9.48 percent as of Dec. 31, 2012. The rate improved from 9.49 percent as of the end of November.

The report indicated that 90-day residential delinquency tumbled from 10.44 percent at the end of 2011.

But that report was wrong.

"Some of the data on the default & claims page (12) in the December report to the commissioner was incorrect," a spokesman for the Department of Housing and Urban Development wrote in a statement to Mortgage Daily.

The revised report indicates that FHA delinquency was actually 9.59 percent as of Dec. 31, 2011.

That means that instead of falling 96 basis points from the end of 2011 to the end of 2012 -- as originally reported -- FHA delinquency was actually down just 11 BPS from the previous year.

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