KBRA’s U.S. Home Improvement Loan ABS Index showed mixed credit performance in July, with annualized net losses declining 40 basis points (bps) month-over-month (MoM) to 3.11%, while early- (30-59 day) and late-stage (60+ day) delinquencies each increased 3 bps, to 0.95% and 1.37%, respectively. The recovery rate increased 458 bps to 16.12%, while the constant prepayment rate (CPR) declined 60 bps to 23.16%.
Relative to year-ago levels, annualized net losses declined 32 bps, while late-stage delinquencies decreased 2 bps. Early-stage delinquencies were largely unchanged, increasing 1 bp. The recovery rate increased 339 bps year-over-year (YoY), while CPR declined 23 bps.
Current index values, as well as MoM and YoY changes, are presented in the table below. The data shown in this report and other index metrics can be found here.
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