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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.

Serious 2nd Mortgage Delinquency Soars

1st mortgage 90-day rate dips

Dec. 19, 2017

By Mortgage Daily staff

A modest improvement was reported for the rate of serious delinquency on first mortgages. But the rate took an ugly turn on second mortgages.

The Composite Consumer Credit Default Index indicated that
delinquency of at least 90 days on automobile loans, bank cards and mortgages was 0.89 percent in November.

Although the 90-day rate dipped a basis point compared to the previous month, there was a 2-basis-point increase versus the same 30-day period last year.

That was according to data reported Tuesday by S&P Dow Jones Indices LLC and Experian.

Among five of the biggest metropolitan statistical areas reported, serious consumer delinquency was 0.97 percent in Miami, tumbling from October by 9 BPS -- more than any other MSA.

The most deterioration, 4 BPS, left the rate in Los Angeles at 0.76 percent and the rate in Dallas at 0.82 percent.

In Chicago, the rate inched up 1 basis point to 1.09 percent -- the highest of the five MSAs.

As was the case for overall U.S. delinquency, the 90-day rate on just first mortgages moved down 1 basis point from the prior month to 0.66 percent. The rate was 4 BPS better than a year prior.

On second mortgages, however, the 90-day rate soared 29 BPS from Oct. 31 of this year to 1.08 percent. A whopping 60-basis-point increase was recorded versus November 2016.

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