Luminent Provides Loan Performance Data
Luminent Mortgage Capital has provided performance data on its portfolio of pay-option and hybrid mortgage loans at nine months of seasoning, hoping to dispel concerns about credit quality.
The analysis released by the company compares its loans with those securitized loans tracked by the Merrill Lynch Mortgage Investor.
Luminent said its 60-day-plus delinquency rate for hybrid loans, at 1.07% after nine months, was lower than any other issuer of mortgage securities tracked by the Merrill Lynch report except for Citicorp's. Lehman had the highest delinquency rate at 7.45%, followed by Bear Stearns (6.36%) and RFC/GMAC (4.63%).
For pay-option loans, Luminent had a 60-day-plus delinquency rate of 0.84% at nine months of loan seasoning, the third lowest among the 10 firms tracked. Washington Mutual and American Home Mortgage were the firms with lower nine-month serious delinquency rates on securitized pay-option loans. The firm with the highest nine-month delinquency rate was Countrywide at 2.05%. Bear Stearns was second (1.52%) and Lehman Brothers third (1.39%).
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