Mortgage Daily

Published On: March 24, 2004
Home Equity Lines Shine

ABA reports falling home equity loan delinquencies

March 24, 2004

By MortgageDaily.com staff

In line with the rest of the mortgage market, home equity loan delinquencies improved during the fourth quarter — with lines of credit leading the way.

According to the latest American Bankers Association (ABAConsumer Credit Delinquency Bulletin, the rate of home equity loan delinquencies nudged down to 2.50% from the third quarter’s 2.52%.

Meanwhile, past due payments on home equity lines of credit decreased to 0.43% from 0.52%, said the ABA. This was the lowest delinquency rate of all the consumer loans ABA tracked, which included personal, auto and mobile home loans.

The delinquency rate on mobile home loans fell slightly to 5.56% from 6% in the previous quarter, the report said.

As all other consumer delinquencies declined, credit card delinquencies increased significantly to 4.43% from the previous record of 4.09% in the third quarter, said the Washington D.C.-based group.

Fourth quarter delinquency on all residential mortgages fell 16 basis points from the third quarter, according to the Mortgage Bankers Association of America’s (MBAs) recent National Delinquency Survey. The seasonally adjusted delinquency rate for one-to-four-unit residential properties was 4.49% — the lowest level since the second quarter in 2002.

Subprime mortgage delinquency fell 1.10% to 11.59% and FHA delinquency rose to 12.23%, according to MBAs survey — which was derived from 37.2 million loans serviced.

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