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Overall Delinquency Down Despite Uptick in Securitized 1sts

Mortgage News

The latest delinquency report indicates that while performance on first mortgages included in private-label residential mortgage-backed securities has deteriorated, late payments on all residential loans — including agency, securitized and portfolio mortgages — improved last month.

The rate of 90-day delinquency on home loans was 6.44 percent in November. The decline marked the second consecutive month of improvement.

The statistic was included in the latest CreditForecast.com report from Moody’s Analytics and Equifax. The report reflects data on securitized and non-securitized mortgages.

The delinquency rate improved from 6.54 percent in October.

“Mortgage delinquencies remain extremely high by pre-recession standards, although they are improving,” the report said.

A separate report from Standard & Poor’s and Experian indicated that 90-day delinquency climbed for the third consecutive month to 2.17 percent in November from the prior month’s 2.08 percent.

However, the S&P-Experian report only reflects the performance of non-agency, securitized first mortgages.

The balance of outstanding mortgages has declined 3.2 percent during the past 12 months, according to CreditForecast.com.

“The mortgage market … remains effectively in runoff mode as the Federal Housing Administration and government-sponsored enterprises keep lending standards tight and private lenders continue to shy away from real-estate-backed lending,” the report said.

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