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B&C Lenders Struggle with Overdues.
There's a reason some borrowers are classified as "subprime" credits, and that reason is all too clear if you look at the delinquency rates experienced by some of the largest specialists in managing those loans.
At Fairbanks Capital, a company that has also been beset by negative publicity regarding alleged loan servicing abuses, almost 29% of loans were delinquent at the end of the second quarter, according to data collected by this newspaper's affiliate, the Quarterly Data Report. The Fairbanks delinquency rate was up seven percentage points from a year earlier.
And Fairbanks is not alone. Homecomings, the servicing arm of GMAC-RFC, reported a 23% delinquency rate. At least seven other specialists in servicing B&C credit quality loans reported delinquency rates in double digits. The Homecomings delinquency rate was little changed from last year's second quarter.
Among lenders that submitted delinquency data to MSN, the average delinquency rate was 14.4%, up from a rate of 12.37% among lenders that shared data with us last year.
By way of comparison, just 3.14% of prime quality, conventional loans were delinquent in the second quarter, according to data compiled by the Mortgage Bankers Association of America.
The good news for subprime servicers is that foreclosure rates, while more than double the foreclosure rate on conventional ...
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Source: HighBeam Research, B&C Lenders Struggle with Overdues.