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Black Knight's First Look: January's Prepayment Rate Lowest in More Than 18 Years as Seasonal Home Sale Reductions Outweigh Rise in Refinance Incentive

February 25, 2019
- Despite recent declines in interest rates, January's prepayment rate was the lowest since November 2000
- Seasonal reductions in home sales outweighed any early, rate-driven rise in refinance incentive
- Housing turnover typically bottoms out in January and February, so prepayments could pick up again if rates remain low through the early spring home buying season
- The national delinquency rate fell by 3.5 percent and is now nearly 13 percent below last year's level
- Foreclosure starts rose seasonally month-over-month but were down more than 19 percent year-over-year
- The number of loans in active foreclosure continued its downward trend; there are now 265,000 active foreclosures, down 72,000 from one year ago

JACKSONVILLE, Fla., Feb. 25, 2019 /PRNewswire/ -- Black Knight, Inc. (NYSE:BKI) reports the following "first look" at January 2019 month-end mortgage performance statistics derived from its loan-level database representing the majority of the national mortgage market.

Black Knight, Inc. Logo (PRNewsfoto/Black Knight, Inc.)

Total U.S. loan delinquency rate (loans 30 or more days past due, but not in foreclosure): 3.75%
Month-over-month change: -3.45%
Year-over-year change: -12.93%

Total U.S. foreclosure pre-sale inventory rate: 0.51%
Month-over-month change: -2.20%
Year-over-year change: -22.43%

Total U.S. foreclosure starts: 50,200
Month-over-month change: 8.42%
Year-over-year change: -19.42%

Monthly prepayment rate (SMM): 0.59%
Month-over-month change: -10.15%
Year-over-year change: -25.20%

Foreclosure sales as % of 90+: 1.93%
Month-over-month change: 40.39%
Year-over-year change: 10.83%

Number of properties that are 30 or more days past due, but not in foreclosure: 1,945,000
Month-over-month change: -68,000
Year-over-year change: -257,000

Number of properties that are 90 or more days past due, but not in foreclosure: 504,000
Month-over-month change: -7,000
Year-over-year change: -203,000

Number of properties in foreclosure pre-sale inventory: 265,000
Month-over-month change: -6,000
Year-over-year change: -72,000

Number of properties that are 30 or more days past due or in foreclosure: 2,210,000
Month-over-month change: -73,000
Year-over-year change: -329,000

Top 5 States by Non-Current* Percentage

Mississippi:          

10.10%

Louisiana:           

7.96%

Alabama:            

6.75%

West Virginia:     

6.42%

Arkansas:           

6.04%

 

Bottom 5 States by Non-Current* Percentage

Utah:              

2.45%

Idaho:             

2.20%

Washington:    

2.15%

Oregon:           

2.03%

Colorado:          

1.82%

 

Top 5 States by 90+ Days Delinquent Percentage

Mississippi:     

3.00%

Louisiana:       

2.09%

Alabama:          

1.92%

Arkansas:           

1.80%

Delaware:         

1.41%

 

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

Florida:              

-10.60%

Utah:                  

-8.16%

Washington:       

-6.96%

Tennessee:         

-5.48%

Oregon:

-4.57%

 

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

District of Columbia: 

28.48%

Nebraska:           

20.90%

Illinois:                 

18.92%

South Dakota:       

13.95%

Iowa:                   

10.14%

                       

*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.

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/data-reports/ by March 7, 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.

For more information:


Michelle Kersch                                       

Mitch Cohen

Black Knight, Inc.                                     

Black Knight, Inc.                                              

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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