Commercial and multifamily mortgage delinquent loans were down for credit unions, banks and thrifts during the first quarter.
The 90-day delinquency for loans held by banks and thrifts declined 13 basis points to 3.44%, according to Brian Turner, director and chief strategist at Catalyst Strategic Solutions, citing recent data from the Mortgage Bankers Association.
That’s compared to the 90-day delinquent loan rate of 4.21% in the first quarter of 2011.
Meanwhile, credit unions fared slightly better than banks and thrifts during the first quarter, Turner said. Loans in the 60- to 180-day delinquency range were 2.33% compared to 2.63% in the first quarter of 2011. Sixty-day delinquent loans at credit unions were 3.65% and 4.39%, respectively.
According to the MBA, life insurance companies had the lowest delinquency rates for loans past the 60-day mark in the first quarters of 2012 and 2011 at 0.14% for each period.
For the same quarters, Freddie Mac was 0.23% and 0.36%, respectively and Fannie Mae was 0.37% and 0.64%, respectively.
Turner with CSS, a subsidiary of Catalyst Corporate Credit Union in Plano, Texas, said member business loans accounted for 5.8% of credit union loans outstanding at the end of March. Of total business loans outstanding at the end of the quarter, approximately 83.5% were secured by real estate.
The number of business loans increased by 2,229 during the first quarter, slightly lower than the annualized growth pace experienced last year, according to Turner.
However, while non-real estate business loans outstanding increased at an annualized rate of 12.6%, business loans secured by real estate increased only 4.8%, he added.