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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.

Delinquency Up on HELs, Soars on Mobile Home Loans

Q4 HEL 30-day rate up 2 BPS

April 6, 2017

By Mortgage Daily staff

Past-due payments rose on three-out-of-four housing-related consumer loan types at banks -- with mobile-home loan delinquency exploding.

The seasonally adjusted 30-day delinquency rate on bank-owned closed-end consumer loans was 1.51 percent as of the final quarter of last year.

Thirty-day delinquency increased 10 basis points compared to the third quarter and also compared to the same three-month period in 2015.

Those performance metrics are based on data released Thursday by the American Bankers Association in its Consumer Credit Delinquency Bulletin. Eight loan categories are reflected in the performance.

Delinquency on home-equity loans finished last year at 2.61 percent -- rising 2 BPS from three months earlier. A 7-basis-point decline, however, was recorded versus a year earlier.

But on home-equity lines of credit, the 30-day rate tumbled 10 BPS from the third quarter to 1.06 percent. The rate of late payments on HELOCs plunged 12 BPS from the fourth-quarter 2015.

ABA reported a 4.07 percent delinquency rate on mobile home loans as of the fourth-quarter 2016 -- soaring 96 BPS from the prior period and 91 BPS worse than a year prior.

Delinquency on property improvement loans finished 2016 at 0.98 percent, 4 BPS higher than the in the third quarter and 6 BPS more than in the final quarter of 2015.

ABA Chief Economist James Chessen noted in the report that with rising home prices and borrowers who are better positioned to honor their debts, home-related delinquencies are expected to continue a gradual downward trajectory.

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