Mortgage Daily Logo

2nd Mtg Delinquency Soars, 1st Mtg Rate Steady

Mortgage News

The rate of serious delinquency on first mortgages inched higher but has remained stable for two years. The second-mortgage rate, however, has exploded over the past year.

As of the close of last year, the
Composite Consumer Credit Default Index had consumer credit delinquency of at least 90 days at 0.91 percent.

The index, which reflects performance on automobile loans, bank cards and first and second mortgages, inched up 2 basis points from both Nov. 30 and year-end 2016.

S&P Dow Jones Indices LLC and Experian jointly released the index Tuesday.

At 1.15 percent, the Composite Index in Chicago increased from the preceding month by 6 basis points — more than any of the five-largest metropolitan statistical areas tracked. Chicago’s latest rate was the also the worst.

Los Angeles had the lowest 90-day rate among the five MSAs: 0.77 percent.

The report indicated that 90-day delinquency on first mortgages concluded last month at 0.68 percent. The rate inched up 2 BPS from a month earlier but retreated 3 BPS from a year earlier.

“First mortgage default rates have been stable, remaining within a 20 basis point range for nearly two years,” the report said.

On second mortgages, serious delinquency soared 14 BPS from November to 1.22 percent. The second-mortgage rate has skyrocketed 81 BPS from Dec. 31, 2016.

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