Mortgage PROFESSIONAL SOUTH CAROLINA
MAGAZINE
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South Carolina Mortgage Brokers Association 1122 Lady Street, Suite 914 O Columbia, SC 29201 Phone #: (800) 758-5339 O Fax #: (803) 771-7207 Web site: www.scmba.org E-mail: membership@scmba.org 2009-2010 BOARD OF DIRECTORS Phone # Sonya L. Pitt
President
(843) 569-2812
sonya.pitt.cpf@gmail.com
President-Elect
(803) 765-4522
james@foundationmtgcorp.com
Vice President
(864) 255-3173
jblume@banklinemortgage.com
Tracey DeLong
Secretary
(843) 856-6223
tracey@mfservices.com
Rene E. Green
Treasurer
(843) 521-8120
rene@beaufortmortgage.com
Kirk Amerson
Immediate Past President
(843) 576-5425
kirkamerson@gmail.com
Executive Director
(803) 771-0416
joleeg@logicsouth.com
James Fleshman Jill Blume
JoLee Gudmundson
Mortgage Delinquencies in South Carolina Rise in Latest National Delinquency Survey
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O FEBRUARY 2010
www.NAMB.org
SOUTH CAROLINA MORTGAGE PROFESSIONAL MAGAZINE
For more information, visit www.mortgagebankers.org.
AAMB welcomes NAMB to beautiful Phoenix! Come see the new NAMB President and the new NAMB Board installation, while participating in some great networking opportunities. State delegates can also participate in the NAMB Delegate Council Meeting.
www.NationalMortgageProfessional.com O
The delinquency rate for mortgage loans on residential properties in South Carolina was 10.46 percent at the end of the fourth quarter of 2009, an increase of 55 basis points, according to the Mortgage Bankers Association (MBA). The delinquency rate excludes loans in the process of foreclosure. The percentage of loans in South Carolina on which foreclosure was started during the quarter fell three basis points to 0.95 percent, while the percentage of loans in the foreclosure process at the end of the quarter rose 13 basis points to 3.4 percent. These rates are not seasonally adjusted. Mortgage delinquency rates normally rise between the third and fourth quarter of the year due to a variety of seasonal factors, such as increased heating costs and holiday spending. The delinquency rate for prime adjustable-rate mortgage loans increased 112 basis points to 9.72 percent and the rate for prime fixed-rate mortgage loans increased 56 basis points to 6.82 percent. The delinquency rate for the sub-prime ARM loans increased 126 basis points to 28.86 percent, while the rate for subprime fixed-rate loans increased 94 basis points to 27.12 percent. The delinquency rates for FHA and VA loans were 17.17 percent and 8.94 percent, respectively—down 15 basis points for FHA loans and down 40 basis points for VA loans. The foreclosure starts rate for prime ARM loans in South Carolina decreased 32 basis points to 1.49 percent, while the rate for prime fixed-rate loans increased five basis points to 0.63 percent. The foreclosure starts rate for sub-prime ARM loans decreased nine basis points to 3.82 percent, while the rate for sub-prime fixed-rate loans decreased 18 basis points to 2.27 percent. The percent of prime ARM loans in foreclosure increased 18 basis points to 6.59 percent and increased 16 basis points to two percent for prime fixed-rate loans. The rate for sub-prime ARM loans increased 58 basis points to 19.28 percent, while the rate for sub-prime fixed-rate loans increased 35 basis points to 8.09 percent. The percentage of FHA loans in foreclosure decreased three basis points to 2.76 percent. The percentage of VA loans in foreclosure increased 20 basis points to 2.36 percent. Among the 50 states and the District of Columbia, South Carolina ranked 17th in delinquencies and 21st in foreclosures started. Mississippi ranked first in delinquencies with a rate of 14.92 percent and Nevada ranked first in foreclosure starts with a rate of 3.04 percent. South Carolina has 20 percent non-prime borrowers (FHA and sub-prime) versus a national average of 22 percent. On a national level, the delinquency rate for mortgage loans on one-to-fourunit residential properties was 10.44 percent on a non-seasonally adjusted basis, up 50 basis points from 9.94 percent in the third quarter of 2009. The seasonally adjusted delinquency rate on residential properties was 9.47 percent in the fourth quarter, down 17 basis points from last quarter’s seasonally adjusted rate. The non-seasonally adjusted percentage of loans in which foreclosure was started during the quarter fell 22 basis points to 1.20 percent, while the non-seasonally adjusted percentage of loans in the foreclosure process at the end of the quarter rose 11 basis points to 4.58 percent.
Thursday, June 24, 2010 Friday, June 25, 2010
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