Term of the day: 60-Plus Delinquencies Home loans that are more than 60 days past due on their monthly mortgage payments. 60-plus delinquency rates are typically expressed as a percentage of a group of loans written within a specified time period, such as a given calendar year. Another common grouping method are the interest rates for the pool of loans that make up a mortgage-backed security (MBS) or other securitized mortgage product. 60-plus delinquencies are less than 90 days past due, and have not yet entered the foreclosure process - loan in the latter status are expressed separately. The 60-plus rate may be split into one for prime loans and sub-prime loans. The 60-plus rate on sub-prime loans can be expected to be higher than for prime. Also, 60-Plus rates are often published separately for fixed-rate versus adjustable-rate loans. #termoftheday
Posted on: Tue, 30 Jul 2013 16:00:17 +0000