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Black Knight Financial Services' First Look at January Mortgage Data: Impact of Rising Rates Felt as Prepayments Decline by 30 Percent in January

February 23, 2017

-- Prepayment speeds (historically a good indicator of refinance activity) declined by 30 percent in January to the lowest level since February 2016
-- Delinquencies improved by 3.9 percent from December and were down 17 percent from January 2016
-- Foreclosure starts rose 18 percent for the month; January's 70,400 starts were the most since March 2016
-- 2.6 million borrowers are behind on mortgage payments, the lowest number since August 2006, immediately following the pre-crisis national peak in home prices

JACKSONVILLE, Fla., Feb. 23, 2017 /PRNewswire/ -- The Data & Analytics division of Black Knight Financial Services, Inc. (NYSE: BKFS) reports the following "first look" at January 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): 4.25%
Month-over-month change: -3.85%
Year-over-year change: -16.57%

Total U.S. foreclosure pre-sale inventory rate: 0.94%
Month-over-month change: -0.46%
Year-over-year change: -27.57%

Total U.S. foreclosure starts: 70,400
Month-over-month change: 17.92%
Year-over-year change: -2.09%

Monthly Prepayment Rate (SMM): 0.95%
Month-over-month change: -29.83%
Year-over-year change: 17.15%

Foreclosure Sales as % of 90+: 2.23%
Month-over-month change: 25.51%
Year-over-year change: 2.91%

Number of properties that are 30 or more days past due, but not in foreclosure: 2,162,000
Month-over-month change: -86,000
Year-over-year change: -413,000

Number of properties that are 90 or more days past due, but not in foreclosure: 664,000Month-over-month change: -18,000
Year-over-year change: -167,000

Number of properties in foreclosure pre-sale inventory: 481,000
Month-over-month change: -2,000
Year-over-year change: -178,000

Number of properties that are 30 or more days past due or in foreclosure: 2,643,000
Month-over-month change: -88,000
Year-over-year change: -591,000

Top 5 States by Non-Current* Percentage

Mississippi:

11.30%

Louisiana:

9.78%

Alabama:

7.91%

West Virginia:

7.74%

New Jersey:

7.47%

 

Bottom 5 States by Non-Current* Percentage

Idaho:

3.00%

Montana:

2.86%

Minnesota:

2.77%

Colorado:

2.34%

North Dakota:

2.28%

 

Top 5 States by 90+ Days Delinquent Percentage

Mississippi:

3.44%

Louisiana:

3.10%

Alabama:

2.37%

Arkansas:

2.07%

Tennessee:

1.92%

 

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

New Jersey:

-16.54%

Colorado:

-13.70%

Washington:

-13.45%

Utah:

-13.13%

Oregon:

-11.81%

 

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

Alaska:

2.08%

Louisiana:

1.52%

Wyoming:

-0.10%

Nebraska:

-0.94%

Arkansas:

-2.36%

                        

*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/20170223.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 March 6, 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-january-mortgage-data-impact-of-rising-rates-felt-as-prepayments-decline-by-30-percent-in-january-300412426.html

SOURCE Black Knight Financial Services, Inc.

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