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FHA Overdues Top B&C.(Federal Housing Administration )
The delinquency rate on Federal Housing Administration loans is higher than the subprime mortgage delinquency rate for the first time, according to data collected by the Mortgage Bankers Association.
As of Dec. 31, 12.23% of FHA-insured loans were at least 30 days past due, up 10 basis points from the third quarter. By contrast, the seasonally adjusted delinquency rate for subprime loans declined 110 basis points to 11.59% at the end of last year.
Moreover, the percentage of FHA loans in the foreclosure process rose from its third quarter record high to set a new record at 2.93%, as industry sources expressed concern about the impact of adverse-selection on the FHA insurance pool.
In a rare bright spot for the FHA, the percentage of loans entering the foreclosure process during the fourth quarter decreased seven basis points to 0.91%, according to the MBA.
Doug Duncan, chief economist of the MBA, said a number of factors have contributed to the deterioration in FHA credit quality, as well as the improvement registered in the MBA's increasingly robust subprime loan database.
In a conference call with reporters, Mr. Duncan said the FHA's credit quality has suffered from advances in private sector underwriting that have allowed conventional lenders to compete for loans that may have gone to the FHA in the past. Automated underwriting has been a key factor in this development.
"Some of the better customers are not ever making it into the FHA pools," he said.
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...quarter of 2008 and up 135 basis points from one year ago, said MBA. The national foreclosure...VA loans increased 9 basis points to 1.33 percent, said MBA. The non-seasonally...starts rate increased 6 basis points for prime loans to 0...
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...over year, the MBA noted a 67 basis...prime loans and 398 basis points for subprime. FHA...and are up 141 basis points from the fourth quarter of 2006. The MBA reported that all...basis points and 214 basis points for subprime. Foreclosure...foreclosures, ...
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...loans, whereas the rate increased 3 basis points for prime loans and 64 basis points for FHA loans, said MBA. The foreclosure inventory percentage...all loan types over the year: down 7 basis points for prime loans to 0.42 percent, 111...
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...4Q07 and is up 151 basis points from a year ago...highest recorded in the MBA survey since 1979...delinquencies were up 47 basis points (113 basis points...and Georgia, the MBA reported. Serious...4.03%, up 47 basis points for the fourth quarter...
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- Magazine article from: Mortgage Banking Rosenblatt, Robert M. January 1, 1992 700+ words
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