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Home Equity Late Payments Decline

Mortgage News

The rate of delinquency on home-equity loans fell, as did late payments on home-equity lines-of-credit. Loans secured by mobile homes, however, saw no improvement in delinquency.

HEL delinquency of at least 30 days was 4.12 percent in the first quarter, the American Bankers Association reported today. HEL late payments improved from 4.32 percent in the fourth-quarter 2009.

It was the first time HEL delinquency fell in two years.

The HELOC rate fell to 1.81 percent from 2.04 percent.

Late payments on property improvement loans were 1.40 percent, better than the previous quarter’s 1.63 percent.

One area of deterioration was mobile-home delinquencies. The trade group reported the mobile home rate at 3.65 percent, worse than the fourth quarter’s 3.41 percent.

ABA’s composite delinquency ratio, reflecting eight closed-end installment loan categories, fell to 2.98 percent from the fourth quarter’s 3.19 percent. It was the third quarterly improvement in a row.

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