gbrooks@imfpubs.com

Some 11.7% of FHA single-family mortgages were in some stage of delinquency at the end of the second quarter compared to 10.8% at March 31, according to an analysis by Inside FHA/VA Lending.

The deterioration was fueled by a 94-basis-point jump in short-term late payments.

On an annual basis, the rate of late payments for FHA loans remained steady, rising a mere 0.7 bps. Foreclosures were down 8 bps quarter-over-quarter.

In particular, large increases in late payments showed up at two of the nation’s largest subservicers: LoanCare and Cenlar. Delinquency rates at PHH Mortgage (now part of Ocwen Financial) and Banco Popular de Puerto Rico also ran up.  

For more details and an exclusive table on FHA delinquencies by servicer, see the new edition of Inside FHA/VA Lending.