View all news

Black Knight's First Look: June Sees Calendar-Driven Spike in Mortgage Delinquencies; Prepayments Fall Despite Rising Refinance Incentive

July 23, 2019
- Seasonal rises in mortgage delinquencies combined with June 2019 ending on a Sunday pushed the national delinquency rate up nearly 11% from May's all-time low
- While overall non-current inventory was up for the month, serious delinquencies -- loans 90 or more days past due, but not yet in active foreclosure -- fell to their lowest level in 12 years
- Despite increased refinance incentive from lower interest rates, prepayment activity dipped for the first time in five months, falling 7.5% from May
- Both foreclosure starts and the number of loans in active foreclosure rose modestly in June, but were down on an annual basis

JACKSONVILLE, Fla., July 23, 2019 /PRNewswire/ -- Black Knight, Inc. (NYSE: BKI) reports the following "first look" at June 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): 3.73%
Month-over-month change: 10.82%
Year-over-year change: -0.20%

Total U.S. foreclosure pre-sale inventory rate: 0.50%
Month-over-month change: 1.55%
Year-over-year change: -12.13%

Total U.S. foreclosure starts: 40,100
Month-over-month change: 2.82%
Year-over-year change: -7.82%

Monthly prepayment rate (SMM): 1.14%
Month-over-month change: -7.53%
Year-over-year change: 19.29%

Foreclosure sales as % of 90+: 1.76%
Month-over-month change: -2.65%
Year-over-year change: -1.63%

Number of properties that are 30 or more days past due, but not in foreclosure: 1,950,000
Month-over-month change: 190,000
Year-over-year change: 25,000

Number of properties that are 90 or more days past due, but not in foreclosure: 455,000
Month-over-month change: -6,000
Year-over-year change: -93,000

Number of properties in foreclosure pre-sale inventory: 259,000
Month-over-month change: 4,000
Year-over-year change: -32,000

Number of properties that are 30 or more days past due or in foreclosure: 2,209,000
Month-over-month change: 194,000
Year-over-year change: -7,000

Top 5 States by Non-Current* Percentage

Mississippi:                 

10.78%

Louisiana:                   

8.07%

Alabama:                    

7.16%

West Virginia:             

6.87%

Arkansas:                    

6.22%

 

Bottom 5 States by Non-Current* Percentage

California:                  

2.26%

Idaho:                         

2.24%

Washington:                

2.11%

Oregon:                       

2.09%

Colorado:                    

1.95%

 

Top 5 States by 90+ Days Delinquent Percentage

Mississippi:                 

3.15%

Alabama:                    

1.94%

Louisiana:                   

1.90%

Arkansas:                    

1.73%

Tennessee:                  

1.32%

 

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

District of Columbia:  

-25.56%

Hawaii:                                   

-15.53%

California:                  

-12.38%

Illinois:                       

-12.35%

Florida:                                   

-11.47%

 

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

South Dakota:             

10.52%

Nebraska:                   

6.83%

Mississippi:                 

6.82%

Minnesota:                  

6.22%

Alaska:                       

4.53%

*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 August 5, 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

 

Cision View original content to download multimedia:http://www.prnewswire.com/news-releases/black-knights-first-look-june-sees-calendar-driven-spike-in-mortgage-delinquencies-prepayments-fall-despite-rising-refinance-incentive-300888700.html

SOURCE Black Knight, Inc.

Categories: Press Releases
View all news