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Black Knight’s First Look at February 2018 Mortgage Data: Though Hurricane-Related Delinquencies Linger, Foreclosures Fall; Prepays Hit Four-Year Low

March 22, 2018
  • The national delinquency rate edged slightly downward in February, with hurricane-related delinquencies declining by a modest 5 percent for the month
  • Serious delinquencies (90 or more days past due) attributed to Hurricanes Harvey and Irma fell just 3 percent
  • 128,000 hurricane-driven seriously delinquent mortgages remain in Texas, Florida, and Georgia
  • After hitting a 12-month high in January, foreclosure starts fell 25 percent month-over-month
  • Active foreclosure inventory rebounded from January’s increase, reaching a new post-recession low
  • Rising interest rates pushed prepayment activity to the lowest level since 2014

JACKSONVILLE, Fla., March 22, 2018 (GLOBE NEWSWIRE) -- Black Knight, Inc. (NYSE:BKI) reports the following “first look” at February 2018 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):​ 4.30%
Month-over-month change: -0.21 %
Year-over-year change: 2.10%

Total U.S. foreclosure pre-sale inventory rate: 0.65%
Month-over-month change: -1.81%
Year-over-year change: -30.30%

Total U.S. foreclosure starts: 46,700
Month-over-month change: -25.04%
Year-over-year change: -19.34%

Monthly prepayment rate (SMM): 0.72%
Month-over-month change: -8.93%
Year-over-year change: -10.58%

Foreclosure sales as % of 90+: 1.40%
Month-over-month change: -19.68%
Year-over-year change: -24.97%

Number of properties that are 30 or more days past due, but not in foreclosure: ​2,198,000
Month-over-month change: -4,000
Year-over-year change: 63,000

Number of properties that are 90 or more days past due, but not in foreclosure: ​697,000
Month-over-month change: -10,000
Year-over-year change: 56,000

Number of properties in foreclosure pre-sale inventory: ​331,000
Month-over-month change: -6,000
Year-over-year change: -139,000

Number of properties that are 30 or more days past due or in foreclosure: 2,528,000
Month-over-month change: -11,000
Year-over-year change: -77,000

Top 5 States by Non-Current* Percentage

Mississippi: 10.69%
Louisiana: 9.11%
Florida: 8.21%
Alabama: 7.53%
West Virginia: 6.96%

Bottom 5 States by Non-Current* Percentage

Idaho: 2.61%
Oregon: 2.54%
Washington: 2.52%
North Dakota: 2.51%
Colorado: 2.10%

Top 5 States by 90+ Days Delinquent Percentage

Florida: 3.84%
Mississippi: 3.35%
Louisiana: 2.60%
Texas: 2.27%
Alabama: 2.13%

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

Washington: -7.85%
District of Columbia: -6.76%
New Jersey: -6.47%
New York: -5.48%
New Mexico: -3.95%

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

Florida: 57.33%
Texas: 12.74%
North Dakota: 8.65%
Alaska: 6.58%
Georgia: 6.46%

*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’s 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/20180322.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 2, 2018.

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

About Black Knight
Black Knight (NYSE:BKI) is a leading provider of integrated software, data and analytics solutions that facilitate and automate many of the business processes across the homeownership lifecycle.

As a leading fintech, Black Knight is committed to being a premier business partner that clients rely on to achieve their strategic goals, realize greater success and better serve their customers by delivering best-in-class software, services and insights with a relentless commitment to excellence, innovation, integrity and leadership. For more information on Black Knight, please visit www.blackknightinc.com.

SOURCE: BLACK KNIGHT, INC.

For more information:

Michelle Kersch Mitch Cohen
904.854.5043 704.890.8158
michelle.kersch@bkfs.com mitch.cohen@bkfs.com

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Source: Black Knight, Inc.

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