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Black Knight's First Look: Prepayments Surge on Lower Interest Rates; Seasonal Delinquency Rate Improvement Remains Muted

April 23, 2019
-- Prepayment activity increased by 28% month-over-month, the largest single-month increase in more than 2.5 years, in response to declining interest rates and the start of the homebuying season
-- The national delinquency rate fell by 5.3% for the month, the smallest improvement for any March in six years in what is typically the strongest-performing month of the year
-- March 2019 ended on a Sunday, which has historically led to an increase in delinquencies, and came on the heels of February's atypical increase in delinquencies
-- The month's 39,700 foreclosure starts marked the lowest single-month volume in more than 18 years, while reduced outflow held active foreclosure inventory steady at 264,000
- Outstanding 90-day delinquencies have now fallen below 500,000 for the first time in more than 12 years

JACKSONVILLE, Fla., April 23, 2019 /PRNewswire/ -- Black Knight, Inc. (NYSE:BKI) reports the following "first look" at March 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): 3.65%
Month-over-month change: -5.30%
Year-over-year change: -1.97%

Total U.S. foreclosure pre-sale inventory rate: 0.51%
Month-over-month change: -0.16%
Year-over-year change: -18.80%

Total U.S. foreclosure starts: 39.700
Month-over-month change: -1.49%
Year-over-year change: -23.80%

Monthly prepayment rate (SMM): 0.84%
Month-over-month change: 28.09%
Year-over-year change: -4.20%

Foreclosure sales as % of 90+: 1.65%
Month-over-month change: 11.61%
Year-over-year change: -2.67%

Number of properties that are 30 or more days past due, but not in foreclosure: 1,903,000
Month-over-month change: -98,000
Year-over-year change: -9,000

Number of properties that are 90 or more days past due, but not in foreclosure: 493,000
Month-over-month change: -8,000
Year-over-year change: -139,000

Number of properties in foreclosure pre-sale inventory: 264,000
Month-over-month change: 0
Year-over-year change: -57,000

Number of properties that are 30 or more days past due or in foreclosure: 2,168,000
Month-over-month change: -97,000
Year-over-year change: -64,000

Top 5 States by Non-Current* Percentage

Mississippi:

10.25%

Louisiana: 

7.94%

Alabama: 

6.87%

West Virginia: 

6.32%

Arkansas: 

5.94%


Bottom 5 States by Non-Current* Percentage

California: 

2.36%

Idaho: 

2.25%

Washington: 

2.18%

Oregon: 

2.16%

Colorado: 

1.91%


Top 5 States by 90+ Days Delinquent Percentage

Mississippi: 

3.11%

Louisiana: 

2.09%

Alabama: 

1.95%

Arkansas: 

1.78%

Delaware: 

1.38%


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

North Carolina: 

-11.38%

Washington: 

-11.13%

Indiana: 

-10.42%

Ohio: 

-9.96%

Kentucky: 

-9.78%


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

Rhode Island: 

2.46%

Maine: 

-0.21%

Mississippi: 

-0.75%

Virginia: 

-2.96%

Louisiana: 

-3.08%

*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 May 6, 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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