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Black Knight Financial Services' First Look at February Mortgage Data: Prepayment Activity Continues to Decline, Down 40 Percent So Far in 2017

March 23, 2017

- Prepayment speeds (historically a good indicator of refinance activity) declined 15 percent in February, marking a 40 percent overall year-to-date decline and the lowest monthly rate in three years
- Delinquencies continued their seasonal decline, ticking down .98 percent from January
- Foreclosure starts fell 18 percent from last month to 31 percent below last year's levels
- Active foreclosure inventory now stands at 470,000, the lowest such level since June 2007

JACKSONVILLE, Fla., March 23, 2017 /PRNewswire/ -- The Data & Analytics division of Black Knight Financial Services, Inc. (NYSE: BKFS) reports the following "first look" at February 2017 month-end mortgage performance statistics derived from its loan-level database representing the majority of the national mortgage market.

Total U.S. loan delinquency rate (loans 30 or more days past due, but not in foreclosure): 4.21%
Month-over-month change: -0.98%
Year-over-year change: -5.51%

Total U.S. foreclosure pre-sale inventory rate: 0.93%
Month-over-month change: -1.88%
Year-over-year change: -28.48%

Total U.S. foreclosure starts: 57,900
Month-over-month change: -17.76%
Year-over-year change: -31.32%

Monthly Prepayment Rate (SMM): 0.80%
Month-over-month change: -15.26%
Year-over-year change: -9.94%

Foreclosure Sales as % of 90+: 1.87%
Month-over-month change: -16.23%
Year-over-year change: 0.22%

Number of properties that are 30 or more days past due, but not in foreclosure: 2,135,000
Month-over-month change: -27,000
Year-over-year change: -117,000

Number of properties that are 90 or more days past due, but not in foreclosure: 641,000
Month-over-month change: -23,000
Year-over-year change: -131,000

Number of properties in foreclosure pre-sale inventory: 470,000
Month-over-month change: -11,000
Year-over-year change: -185,000

Number of properties that are 30 or more days past due or in foreclosure: 2,605,000
Month-over-month change: -38,000
Year-over-year change: -302,000

Top 5 States by Non-Current* Percentage


Mississippi:

11.06%

Louisiana:

9.72%

Alabama:

7.82%

West Virginia:

7.45%

New Jersey:

7.44%

 

Bottom 5 States by Non-Current* Percentage


Idaho:

2.99%

Montana:

2.94%

Minnesota:

2.79%

Colorado:

2.38%

North Dakota:

2.37%

 

Top 5 States by 90+ Days Delinquent Percentage



Mississippi: 

3.37%

Louisiana:

3.00%

Alabama:

2.33%

Arkansas:

2.02%

Tennessee: 

1.85%

 

Top 5 States by 6-Month Improvement in Non-Current* Percentage



New Jersey:

-10.07%

Washington:

-8.48%

Nevada:

-6.26%

New York:

-4.98%

Florida:

-4.95%

 

Top 5 States by 6-Month Deterioration in Non-Current* Percentage


Alaska:

9.31%

North Dakota:

5.41%

Vermont: 

1.28%

Minnesota:

1.20%

New Hampshire:

1.11%

 

*Non-current totals combine foreclosures and delinquencies as a percent of active loans in that state.

Notes:

1) Totals are extrapolated based on Black Knight Financial Services' loan-level database of mortgage assets.
2) All whole numbers are rounded to the nearest thousand, except foreclosure starts, which are rounded to the nearest hundred.

For a more detailed view of this month's "first look" data, please visit the Black Knight newsroom at http://www.bkfs.com/CorporateInformation/NewsRoom/Pages/20170323.aspx

The company will provide a more in-depth review of this data in its monthly Mortgage Monitor report, which includes an analysis of data supplemented by detailed charts and graphs that reflect trend and point-in-time observations. The Mortgage Monitor report will be available online at http://www.bkfs.com/CorporateInformation/NewsRoom/Pages/Mortgage-Monitor.aspx by April 3, 2017.

For more information about gaining access to Black Knight's loan-level database, please send an email to dataanalyticsinfo@bkfs.com.

About Black Knight Financial Services, Inc.
Black Knight Financial Services, Inc. (NYSE: BKFS) is a leading provider of integrated technology, data and analytics solutions that facilitate and automate many of the business processes across the mortgage lifecycle.

Black Knight Financial Services is committed to being a premier business partner that lenders and servicers rely on to achieve their strategic goals, realize greater success and better serve their customers by delivering best-in-class technology, services and insight with a relentless commitment to excellence, innovation, integrity and leadership. For more information on Black Knight Financial Services, please visit www.bkfs.com.

For more information:




Michelle Kersch

Mitch Cohen    

904.854.5043

646.546.5103

michelle.kersch@bkfs.com

mitch@mprg.com

 

To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/black-knight-financial-services-first-look-at-february-mortgage-data-prepayment-activity-continues-to-decline-down-40-percent-so-far-in-2017-300428175.html

SOURCE Black Knight Financial Services, Inc.

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