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Jumbo Leads Overall Lates Higher

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Declining performance on jumbo prime mortgages led overall mortgage delinquency higher.

Residential delinquency of at least 60 days was 13.3 percent as of Dec. 31, 2009, Lender Processing Services Inc. reported today. Late payments rose from 13.16 percent at the end of November.

The report was based on LPS Applied Analytics’ loan-level database of mortgage assets.

December’s rate reflected a 10 percent rate for delinquent loans not in foreclosure, and a 3.3 percent foreclosure rate. Foreclosures increased from 3.19 percent during December.

The level of delinquency suggests that around 7.2 million mortgages are delinquent and approximately 1 million are in REO status.

“Prime loans have experienced a worse pace of deterioration on a relative basis than subprime, FHA and all loans as a whole,” the report said. “Within prime loans, those with current unpaid principal balances between $417,000 and $600,000 have performed the worst.”

LPS noted that roll rates improved by more during December than a year earlier. In addition — driven by tighter underwriting — the 2009 vintage is performing better than any of the prior five years’ issuances.

Florida had more non-current loans than any other state — followed by Nevada, Mississippi, Arizona and Georgia.

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