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Black Knight’s First Look at June 2017 Mortgage Data: Delinquencies Hold Steady Despite Seasonal Pressure; Low Interest Rates Help Prepayments Continue to Climb

July 20, 2017
  • Despite upward seasonal pressure, mortgage delinquencies held steady at 3.8 percent in June
  • While total non-current inventory saw a three percent seasonal rise over Q2 2017, the inventory of serious delinquencies (loans 90 or more days past due) and active foreclosures fell by seven percent
  • In total, serious delinquencies and active foreclosures have declined by 17 percent (nearly 200,000 loans) this year
  • Low interest rates helped push prepayment activity up another 5.3 percent in June, following May’s 23 percent rise
  • Though hitting calendar-year highs for two consecutive months, the national prepayment rate remains over 20 percent below last year’s levels

JACKSONVILLE, Fla., July 20, 2017 (GLOBE NEWSWIRE) -- The Data & Analytics division of Black Knight Financial Services, Inc., (NYSE:BKFS) reports the following “first look” at June 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):​ 3.80%
Month-over-month change: 0.12%
Year-over-year change: -11.84%

Total U.S. foreclosure pre-sale inventory rate: 0.81%
Month-over-month change: -2.71%
Year-over-year change: -27.01%

Total U.S. foreclosure starts: 56,500
Month-over-month change: 1.25%
Year-over-year change: -18.47%

Monthly Prepayment Rate (SMM): 1.12%
Month-over-month change: 5.26%
Year-over-year change: -22.06%

Foreclosure Sales as % of 90+: 2.20%
Month-over-month change: 1.57%
Year-over-year change: -4.58%

Number of properties that are 30 or more days past due, but not in foreclosure: ​ 1,932,000
Month-over-month change: 5,000
Year-over-year change: -246,000

Number of properties that are 90 or more days past due, but not in foreclosure: ​ 555,000
Month-over-month change: -7,000
Year-over-year change: -137,000

Number of properties in foreclosure pre-sale inventory: ​ 410,000
Month-over-month change: -11,000
Year-over-year change: -148,000

Number of properties that are 30 or more days past due or in foreclosure: ​ 2,342,000
Month-over-month change: -6, 000
Year-over-year change: -394,000

Top 5 States by Non-Current* Percentage
Mississippi:      10.13%
Louisiana:        8.64%
Alabama:         7.13%
West Virginia:  6.80%
Maine:             6.63%                         

Bottom 5 States by Non-Current* Percentage
Montana:         2.64%
Oregon:           2.62%                         
Minnesota:       2.47%
North Dakota:  2.23%
Colorado:         2.14%

Top 5 States by 90+ Days Delinquent Percentage
Mississippi:      3.05%
Louisiana:        2.51%
Alabama:         2.10%
Arkansas:         1.83%
Tennessee:       1.63%                                                 

Top 5 States by 6-Month Improvement in Non-Current* Percentage
New Jersey:     -17.39%
Florida:            -17.33%
Arizona:           -16.81%
West Virginia:   -16.69%
Nevada:           -16.51%                                                                                                                      

Top 5 States by 6-Month Deterioration in Non-Current* Percentage
Alaska:             7.10%
Vermont:         -9.55%
South Dakota:  -9.82%
Montana:         -10.49%
Alabama:         -10.61%                                              
                                     
*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/20170720.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 Aug. 7, 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                                                                                          
904.854.5043                                                                                             
michelle.kersch@bkfs.com                                                                         

Mitch Cohen   
646.546.5103
mitch@mprg.com

 

Source: Black Knight Financial Services, Inc.
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