| June 23, 2010

Lender loyalty decreases late payments

Consumers who have multiple loans at a financial institution are less likely to be delinquent with their payments, a study by TransUnion found.

The correlation between the number of banking relationships and the delinquency rate could be most clearly seen in first mortgages, according to TransUnion. The study found that people with one banking relationship had a 4.8 percent delinquent rate of 30 days or more, compared to 1.9 percent if the consumer had five or more loans with the same financial institution.

“Our study revealed clear decreases in delinquency as a function of relationships even when controlling for credit score, with robust results particularly in the near-prime and sub-prime segments of the population,” says director of consulting and strategy for TransUnion Ezra Becker. “The conclusion is that loyalty is not adequately captured by traditional credit scores.”

With a large number of people falling behind on loan payments, multiple banking relationships and loyalty may be something financial institutions will want to look at further. Delinquent payments of more than 90 days nearly reached 10 percent during the first quarter of the year, according to the Mortgage Bankers Association.

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