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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.

Home-Equity Delinquency Tumbles at Banks

Q4 HEL 30-day rate down 23 BPS from prior period

April 7, 2016

By Mortgage Daily staff

The degree of past-due payments on home-equity assets owned by the nation's banks was sharply lower during the final three months of last year.

Thirty-day delinquency on closed-end consumer loans held in the investment portfolios of banks was 1.41 percent as of the fourth quarter 2015.

Banks' consumer delinquency was exactly the same as of three months earlier, but the rate was substantially better than 1.54 percent a year earlier.

The American Bankers Association reported the performance data based on eight types of closed-end consumer loans it tracks.

On home-equity loans, ABA reported that the rate of loans that were at least 30 days delinquent landed at 2.68 percent as of Dec. 31, 2015.

Late payments on bank-owned HELs improved significantly compared to the third-quarter 2015, when the 30-day rate came in at 2.91 percent.

The improvement was even more dramatic versus the fourth-quarter 2014, when the rate was 3.23 percent.

Delinquency on home-equity lines of credit also improved, to 1.18 percent from 1.31 percent as of Sept. 30, 2015, and 1.48 percent as of Dec. 31, 2014.

Fourth-quarter 2015 delinquency on mobile home loans plunged to 3.16 percent from 3.59 percent at the end of the third quarter and was also better than 3.60 percent at the end of 2014.

The only residential category to see deterioration was property-improvement loans, with 30-day delinquency worsening to 0.92 percent as of the fourth-quarter 2015 from 0.87 percent the prior period. But the rate was slightly better than 0.93 percent in the year-earlier period.

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