Title Insurance issued for all Real Estate Transactions PrimeTime is a full service title agency committed to superior title resources and excellent service. Customer satisfaction is our number one priority at PrimeTime. Our experienced and courteous staff understands that service is the single most important element in our industry. Attorneys are always available to answer your questions and to provide status updates. N PrimeTime serves your title needs locally and nationally N Accurate, responsive and timely service from our professional staff N Highly experienced underwriters N Legal counsel on staff N Knowledge of industry and local market N Resourceful and courteous assistance with clearance and other related matters
Services provided (including but not limited to): N Complete Title and Escrow Services N Settlement Services N Recording Services
N Cooperative Searches N Foreclosure Searches N Municipal Searches
PrimeTime Title Agency, LLC 114 West 47th Street, 17th Floor New York, NY 10036 Phone 212-542-5750 • Fax 212-461-4203 info@PrimeTimeTitle.com • www.PrimeTimeTitle.com
FEBRUARY 2011 O
NEW JERSEY MORTGAGE PROFESSIONAL MAGAZINE
O NationalMortgageProfessional.com
NJ 4
Delinquencies in New Jersey Drop in Latest MBA National Survey The delinquency rate for mortgage loans on residential properties in New Jersey was 8.45 percent at the end of the fourth quarter of 2010, a decrease of 35 basis points from the third quarter of 2010, according to the Mortgage Bankers Association (MBA). The delinquency rate excludes loans in the process of foreclosure. The percentage of loans in New Jersey on which foreclosure was started during the quarter fell 14 basis points to 1.34 percent, while the percentage of loans in the foreclosure process at the end of the quarter rose 55 basis points to 7.28 percent. The delinquency rate for prime adjustable-rate mortgage (ARM) loans decreased 90 basis points to 10.29 percent and the rate for prime fixedrate mortgage loans decreased 34 basis points to 5.12 percent. The delinquency rate for the sub-prime ARM loans decreased 143 basis points to 25.45 percent, while the rate for sub-prime fixed-rate loans decreased 31 basis points to 23.28 percent. The delinquency rates for Federal Housing Administration (FHA) and U.S. Department of Veterans Affairs (VA) loans were 15.25 percent and 9.68 percent, respectively—up 40 basis points for FHA loans and down 45 basis points for VA loans. The foreclosure starts rate for prime ARM loans in New Jersey decreased 12 basis points to 2.17 percent, while the rate for prime fixed-rate loans decreased 12 basis points to 0.94 percent. The foreclosure starts rate for sub-prime ARM loans increased 47 basis points to 4.65 percent, while the rate for sub-prime fixed-rate loans increased 34 basis points to 3.60 percent. The percentage of prime ARM loans in foreclosure increased 48 basis points to 14.36 percent and increased 49 basis points to 4.17 percent for prime fixed-rate loans. The rate for sub-prime ARM loans increased 105 basis points to 36.79 percent, while the rate for sub-prime fixed-rate loans increased 288 basis points to 17.90 percent. The percentage of FHA loans in foreclosure decreased 2 basis points to 7.30 percent. The percentage of VA loans in foreclosure increased 49 basis points to 5.53 percent. Among the 50 states and the District of Columbia, New Jersey ranked 26th in delinquencies and ninth in foreclosures started. Mississippi ranked first in delinquencies with a rate of 13.30 percent and Nevada ranked first in foreclosure starts with a rate of 2.95 percent. On a national level, the delinquency rate for mortgage loans on one- to four-unit residential properties was 8.93 percent on a non-seasonally adjusted basis, down 46 basis points from 9.39 percent in the third quarter of 2010. The seasonally adjusted delinquency rate on residential properties was 8.22 percent in the third quarter, down 91 basis points from last quarter’s seasonally adjusted rate. The non-seasonally adjusted percentage of loans in which foreclosure was started during the quarter increased seven basis points to 1.27 percent, while the non-seasonally adjusted percentage of loans in the foreclosure process at the end of the quarter rose 24 basis points to 4.63 percent. For more information, visit www.mortgagebankers.org.
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