As quarterly loan originations moved higher at the nation’s home lenders, the balance of outstanding mortgages was up and delinquency was down. Home-secured credit lines outstanding contracted.
The aggregate unpaid principal balance of all U.S. single-family mortgages that were outstanding as of Sept. 30, 2017, and reported on consumer credit reports was $8.74 trillion.
That represented an expansion in the nation’s book of business compared to the midpoint of this year, when there were a previously reported $8.69 trillion in residential loans outstanding.
Those figures were derived from the Quarterly Report on Household Debt and Credit 2017:Q3 released Tuesday by the Federal Reserve Bank of New York’s research and statistics group – microeconomic studies.
At $448 billion, balances on home-equity lines of credit
were $4 billion less than the previous period.
From July 1 through Sept. 30, mortgage originations were $479 billion. The number reflects new balances showing up on consumer credit reports. Volume increased from $421 billion three months earlier.
Ninety-day delinquency closed out the third quarter at 1.4 percent,
a little better than 1.5 percent in the last report.
“Delinquency transition rates for current mortgage balances were unchanged, with 1.0 percent of current balances transitioning to delinquency,” the report said. “There was a deterioration in the transition rate of mortgages in early delinquency, of which 16.2 percent transitioned to 90+ days delinquent, compared to 12.8 percent in the previous quarter.”
The roughly 70,000 borrowers with a new foreclosure notation on their credit reports was a new historical low.
