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Black Knight’s First Look: Despite Slight Seasonal Uptick, Mortgage Delinquencies Fall 11% From Last Year; Prepays More Than Double as Refi Wave Continues

October 24, 2019
  • - The national delinquency rate edged up seasonally in September to 3.53%, but fell 11.2% from one year prior for the largest year-over-year decline in eight months
  • - Both serious delinquencies and active foreclosure inventory fell in the month as well, with the latter falling to its lowest level since late 200
  • - Western states – Colorado, Oregon, Washington, Idaho, and California – continue to hold the nation’s lowest non-current rates (all delinquencies plus active foreclosures)
  • - Prepayment activity (SMM) rose by 3% from August despite facing headwinds from the typical seasonal decline in home sale-related prepayments
  • - Prepays are now up 121% from the same time last year as falling rates continue to spur refinance activity

JACKSONVILLE, Fla. – Oct. 24, 2019 -- Black Knight, Inc. (NYSE:BKI) reports the following “first look” at September 2019 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): 3.53%
Month-over-month change: 2.13%
Year-over-year change: -11.15%

Total U.S. foreclosure pre-sale inventory rate: 0.48%
Month-over-month change: -0.36%
Year-over-year change: -7.68%

Total U.S. foreclosure starts: 39,400
Month-over-month change: 8.84%
Year-over-year change: -1.50%

Monthly prepayment rate (SMM): 1.55%
Month-over-month change: 3.24%
Year-over-year change: 121.08%

Foreclosure sales as % of 90+: 1.56%
Month-over-month change: -13.80%
Year-over-year change: 2.00%

Number of properties that are 30 or more days past due, but not in foreclosure: 1,854,000
Month-over-month change: 41,000
Year-over-year change: -195,000

Number of properties that are 90 or more days past due, but not in foreclosure: 443,000
Month-over-month change: -1,000
Year-over-year change: -70,000

Number of properties in foreclosure pre-sale inventory: 252,000
Month-over-month change: -1,000
Year-over-year change: -16,000

Number of properties that are 30 or more days past due or in foreclosure: 2,106,000
Month-over-month change: 40,000
Year-over-year change: -211,000

Top 5 States by Non-Current* Percentage
Mississippi: 10.46%
Louisiana: 7.98%
Alabama: 6.88%
West Virginia 6.37%
Arkansas: 6.20%
Bottom 5 States by Non-Current* Percentage
California 2.10%
Idaho: 2.06%
Washington: 1.94%
Oregon: 1.94%
Colorado: 1.79%
Top 5 States by 90+ Days Delinquent Percentage
Mississippi: 3.06%
Alabama: 1.90%
Louisiana: 1.88%
Arkansas: 1.71%
Tennessee: 1.25%
Top 5 States by 6-Month Improvement in Non-Current* Percentage
District of Columbia: -14.66%
Hawaii: -13.24%
California: -11.10%
Washington: -11.03%
Rhode Island: -10.76%
Top 5 States by 6-Month Deterioration in Non-Current* Percentage
Arkansas: 4.34%
Iowa: 4.03%
Nebraska: 3.55%%
Oklahoma: 3.08%
Alaska: 3.05%

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

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. 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 https://www.blackknightinc.com/datareports/ by Nov. 4, 2019. For more information about gaining access to Black Knight’s loan-level database, please send an email to Mortgage.Monitor@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

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