Tag Archives: Delinquency Rate

Mortgage performance for loans serviced by large national and federal savings banks weakened in the second quarter of 2012, the Office of the Comptroller of the Currency (OCC) reported Thursday. The percentage of current and performing mortgages stood at 88.7 percent at the end of Q2, a slight drop from Q1, when 88.9 percent of loans were current and performing. However, the share of seriously delinquent mortgages fell 0.8 percent from Q1 to 4.4 percent, the lowest level in three years.

According to data released Monday, the total delinquency rate (for loans 30 or more days past due but not in foreclosure) was 6.87 percent in August, down 2.3 percent from July. Year-over-year, delinquencies fell 10.6 percent. An estimated 3,430,000 properties were 30 days or more past due (but not in foreclosure) at the end of August. Approximately 1,520,000 were 90 or more days delinquent but not in foreclosure.

The Federal Housing Finance Agency (FHFA) plans to change the guarantee fees (g-fees) the GSEs charge on single-family mortgages. Starting in 2013, g-fees will be higher in some states than others, according to a notice sent to the Federal Register. Currently, g-fees are the same throughout the country. However, the FHFA has noticed ""a wide variation among states in the costs that the Enterprises incur from mortgage defaults,"" according to its notice to the Federal Register.

Default rates across four categories were down in August, hitting their lowest rates since the end of the 2007/2009 recession, according to data from the S&P/Experian Consumer Credit Default Indices.

The risk of default for loans originated in the third quarter of this year is slightly higher compared to the previous quarter, according to the University Financial Associates (UFA) Default Risk Index. The index rose to 113 from the previous quarter's revised 111. The index measures the risk of default on newly originated prime and nonprime mortgages.

If Realtors have anything to say about tight lending standards, the observation would be such standards are preventing more home sales and holding back job creation. The Washington, D.C.-based National Association of Realtors recently reached their conclusions in a survey conducted with real estate agents. The findings? Lenders take too long with approving applications, requiring excessive information and preferring only interested homebuyers with high credit scores.

The CMBS delinquency declined again for the third consecutive month, Fitch Ratings reported Friday. The CMBS delinquency rate fell 9 basis points (bps) in August to 8.39 percent from 8.48 percent in July. The ratings agency explained increased loan resolutions helped improve the delinquency rate, with more loans exiting the delinquency index then entering.

Eighteen percent of current loans remain underwater, according to LPS' July Mortgage Monitor report. In states where the percentage of current loans sitting underwater is extremely high, the share of new problem loans was also higher. For example, the state with the highest percentage of new problem loans was Nevada, where 54.7 percent of current loans are underwater, followed by Florida (33.1 percent), Arizona (28.4 percent), and Georgia (42.8 percent).

The CMBS delinquency rate made a steep drop in August, marking the first fall since February 2012, according to Trepp. After five months of increases, the CMBS delinquency rate fell 21 basis points to 10.13 percent in August from 10.34 in July. The plunge in August is the largest since November 2011.

The number of homeowners who received permanent, affordable proprietary loan modifications jumped up 43 percent from June to July, HOPE NOW reported Wednesday. The voluntary, private sector alliance of mortgage professionals and non-profit counselors released its July 2012 loan modification data, revealing that an estimated 66,002 homeowners received proprietary loan modifications in July, an increase from 46,208 in June.