Mortgage Daily Logo

Worsening Performance on 2nd Mortgages

Mortgage News

Over the past year, serious delinquency on second mortgages has deteriorated by nearly 20 basis points. Monthly first mortgage delinquency ticked up.

Consumer credit delinquency of at least 90 days worked out to 0.97 percent as of November, worsening by three basis points from the previous month.

In the same month last year, 90-day consumer delinquency on consumer credit — including mortgages, car loans and bank cards — was at 1.07 percent.

That was according to the S&P/Experian Consumer Credit Default Indices.

Consumer delinquency was 1.48 percent in the Miami metropolitan statistical area, the highest of any of the five-largest MSAs and worsening 19 basis points from October.

Chicago had the only decline — four BPS to 1.03 percent — while Los Angeles’ rate of 0.74 percent was the lowest.

Ninety-day delinquency on U.S. first mortgages finished last month at 0.82 percent.

The first-mortgage rate was up a basis point from October but 15 BPS less than in November 2014.

On second mortgages, serious delinquency was 0.67 percent as of November 2015.

Delinquency on second mortgages surged 11 BPS on a month-over-month basis and soared 19 BPS on a year-over-year basis.

Related Posts

Centex Home Equity Announces Name and Brand Change to National Mortgage, LLC

Third-Quarter 2012 Mortgage Litigation Index

Lawsuits involving excessive fees, servicing fees and loan fees beyond state maximums. Defendant Plaintiff Court Amount Overview Case Title Case Number Date Filed Date of Activity Link to Story Fannie Mae and Freddie Mac Orangeburg County, Richland County, South...

Centex Home Equity Announces Name and Brand Change to National Mortgage, LLC

Net Branch Lawsuits

Litigation involving net branch operations. Defendant Plaintiff Court Amount Overview Case Title Case Number Date Filed Date of Activity Link to Story PHH Mortgage Corp. Mathews Supreme Court of Virginia na Court held that the term "branch office" includes not only...

Centex Home Equity Announces Name and Brand Change to National Mortgage, LLC

Whistleblower Lawsuits

Litigation related to loan servicing, including escrow issues, transfer of servicing and servicing borrowers in bankruptcy and foreclosure.   Defendant Plaintiff Court Amount Overview Case Title Case Number Date Filed Date of Activity Link to Story Bank of...

Popular posts

How Long Does It Take to Refinance a Mortgage
How Long Does It Take to Refinance a Mortgage

So, you’re interested in refinancing your mortgage. Maybe you want some extra capital to do that home project you’ve always dreamed of, interest rates are nearing record lows, or you want to start consolidating debt. Regardless of the motivation behind the refinance,...

How Does Refinancing a Mortgage Work
How Does Refinancing a Mortgage Work

A home purchase is considered an investment, and a robust one at that. Savvy owners are constantly looking for new ways to reduce debt, save money, pay less in interest, and ultimately build equity. Refinancing is one way to leverage your investment and do just that....

What Does It Mean to Refinance Your Home
What Does It Mean to Refinance Your Home

You can think of refinancing your mortgage as a debt redo. Essentially, you’ll swap out the existing loan for a new one - ideally with better terms and conditions. Only this time it could help you save money on high mortgage payments, rather than just borrow it....

Setting up the Utilities in My New House
Setting up the Utilities in My New House

All the tedious, time-consuming paperwork has been signed, sealed, and delivered. Your belongings are packed into what seems like a million boxes and you have a solid plan to haul all your existing furniture to the new place. Just as your boxes and furniture need to...

When Is My First Mortgage Payment Due?
When Is My First Mortgage Payment Due?

Navigating your way through a brand-new mortgage loan can be a difficult task, especially for first-time homeowners.   After handing over a large sum of money for the down payment and closing costs, it’s important to pay attention to the timing of your first...

Newsletter

Don’t worry, we don’t spam