The Mortgage Bankers Association (MBA) came out with its quarterly fourth quarter National Delinquency Survey results last Thursday.
According to the report, seasonally adjusted delinquencies rose to 5.82% from 5.59% in 3Q07, and are up 87 basis points from the end of the 2006. By loan type, the survey reported the delinquency rate on prime loans rose 12 basis points to 3.12%; 100 basis points to 16.31% for subprime loans; 13 basis points to 13.05% for Federal Housing Authority (FHA) loans; and fell nine basis points to 6.49% for Department of Veteran Affairs (VA) loans. Year over year, the MBA noted a 67 basis point gain for prime loans and 398 basis points for subprime. FHA and VA delinquencies are lower by 41bps and 33bps, respectively.