Loan Performance Responds to Slowing Economy, Natural Disasters; Rates Jump After Tariff Delay

Loan Performance Responds to Slowing Economy, Natural Disasters; Rates Jump After Tariff Delay

Both the Mortgage Bankers Association (MBA) and CoreLogic issued data on recent loan performance on Tuesday. For CoreLogic the Monthly Loan Performance Report covered May, MBA's National Delinquency Survey is for the second quarter of this year. MBA notes an increase in the overall seasonally adjusted delinquency rate to 4.53 percent of all loans outstanding at the end of the quarter. This is an increase of 11 basis points (bps) from the first quarter of this year and 17 bps from the second quarter of 2018. The share of loans that were 30 days or more past due increased by 4 bps to 2.62 percent, the 60-day rate was unchanged at 0.81 percent and the 90-day rate was up 7 bps to 1.10 percent. Those numbers do not include loans in the process of foreclosure. Those loans, the foreclosure inventory