Servicers must watch non-QM as negative outcomes grow
While positive results, including cures and resumed payments, still outpace the poor ones, the gap in the most recent dv01 study narrowed from 12 months prior.
Delinquencies
CMBS delinquencies drop but new bankruptcy shows issues persist
The delinquency rate that Kroll Bond Rating Agency tracks improved last month but JER's recent Chapter 11 filing and 2024 forecasts suggest it's still under pressure.
Commercial delinquencies increase has nuances by sector
Income-producing loans secured by real estate are under pressure at banks, the government-sponsored enterprises, insurers, and in CMBS to varying degrees.
Commercial delinquencies jump at banks
Stress tests suggest systemically important depositories could weather current risks. Meanwhile, single-family arrears remain low, but that business could be impacted.
Mortgage distress up 90% this year, counseling provider finds
The withdrawal of pandemic housing relief and high home prices have heightened consumer strain, according to nonprofit Money Management International.
Mortgage delinquencies rise as economy stumbles
The 51 basis point increase was inevitable after the late payment rate reached a record low in the third quarter, the Mortgage Bankers Association said.
Early-stage defaults push national delinquency rate above 3%
Foreclosure starts also increased by over 19% between October and November but remain below pre-pandemic levels.
Overall delinquencies drop despite uptick in short-term distress
Recent reports highlight the question of how much wage growth can do to sustain loan performance as pandemic relief gets rolled back, consumer costs rise and the housing market cools.
Hotel, retail mortgage delinquencies down in July, but concerns remain
Late payments on office loans have trended upward recently, but longer lease periods may mitigate the potential for distress in that sector, the Mortgage Bankers Association said.
Delinquency rate falls to pre-Great Recession average: Black Knight
The relatively low share of borrowers who were distressed in June adds to signs that the offramp from government relief measures may not lead to an overwhelming wave of foreclosures.
Hotel lending improves as pandemic eases, but risks remain
Consumers are booking rooms at levels not seen since early 2020 and loan delinquencies have fallen sharply as a result. Still, business travel remains sluggish and new COVID variants are spreading, threatening the hotel industry’s recovery.
Mortgage insurers’ delinquent inventory shrinking faster than expected
Meanwhile, National MI has been increasing its new insurance written by slightly widening its credit standards.
Jobs, good economy push mortgage delinquency levels to pandemic low
But March's overall late payment rate was 1.3 percentage points higher than one year ago, while the 90-day-plus rate was 2.3 percentage points higher.
Forbearance starts hit lowest weekly total since pandemic’s onset
The four-week high in forbearance exits also helped drive the considerable drop in plans, according to Black Knight.
Mortgage delinquencies should return to pre-COVID levels by year-end
For the first time since the pandemic began, the share of borrowers who are 30 days or more late on their payment is below 5%, Black Knight found.
Share of mortgage loans in forbearance declines again
The total number of loans in this category dropped 11 basis points from week to week according to the Mortgage Bankers Association. Meanwhile, the amount of unpaid balance in forbearance dropped almost 23% since the start of the year, a separate report from Black Knight found.
Mortgage delinquencies drop sharply, but point to an uneven recovery
The persistently slow reduction in the number of borrowers at risk of default indicates that while loan performance overall is improving, a substantial pool of mortgages will need workouts when forbearance ends.
Weekly Wrap: Toyota returns to auto-lease securitization after ‘long hiatus’
Deals, trends and research in structured finance and asset-backed securities for the week of April 2-8
By
Glen Fest
March commercial mortgage performance was strongest in nearly a year
However, the number of borrowers who failed to remit payment but were not yet 30 days overdue increased.
Mortgage delinquencies creep down in December
As an improving job market aided financial stability for borrowers, 2020 ended with drops in delinquent home loans, a CoreLogic report found.
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