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Black Knight's First Look: Strong Decline in October Mortgage Delinquencies; Refi Wave Pushes Prepayments to Highest Level in More than Six Years

November 25, 2019
- The national delinquency rate fell to 3.39% in October, a nearly 7% decline from last year, and within 0.03% of the record low set in May 2019
- Serious delinquencies fell by 10,000 from September, while the number of loans in active foreclosure edged up slightly (+3,000)
- Prepayment activity climbed another 16% in October to the highest level since May 2013
- Prepays are now up 134% year-over-year as refinancing homeowners continue to take advantage of low interest rates
- However, modest rises in 30-year rates in recent weeks - coupled with seasonal slowing in home sales - may dampen prepayment rates in coming months

JACKSONVILLE, Fla., Nov. 25, 2019 /PRNewswire/ -- Black Knight, Inc. (NYSE: BKI) reports the following "first look" at October 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): 3.39%
Month-over-month change: -3.82%
Year-over-year change: -6.92%

Total U.S. foreclosure pre-sale inventory rate: 0.48%
Month-over-month change: 1.05%
Year-over-year change: -6.21%

Total U.S. foreclosure starts: 43,900
Month-over-month change: 11.42%
Year-over-year change: -13.24%

Monthly prepayment rate (SMM): 1.81%
Month-over-month change: 16.41%
Year-over-year change: 134.20%

Foreclosure sales as % of 90+: 1.75%
Month-over-month change: 12.55%
Year-over-year change: -10.12%

Number of properties that are 30 or more days past due, but not in foreclosure: 1,786,000
Month-over-month change: -68,000
Year-over-year change: -98,000

Number of properties that are 90 or more days past due, but not in foreclosure: 433,000
Month-over-month change: -10,000
Year-over-year change: -66,000

Number of properties in foreclosure pre-sale inventory: 255,000
Month-over-month change: 3,000
Year-over-year change: -12,000

Number of properties that are 30 or more days past due or in foreclosure: 2,041,000
Month-over-month change: -65,000
Year-over-year change: -111,000

Top 5 States by Non-Current* Percentage
Mississippi:                  10.18%
Louisiana:                    7.72%
Alabama:                     6.68%
West Virginia:              6.34%
Arkansas:                     6.13%                                     

Bottom 5 States by Non-Current* Percentage
California:                    2.01%
Idaho:                          1.96%
Oregon:                        1.86%
Washington:                 1.81%
Colorado:                     1.73%

Top 5 States by 90+ Days Delinquent Percentage
Mississippi:                  3.03%
Louisiana:                    1.88%
Alabama:                     1.86%
Arkansas:                     1.67%
Tennessee:                  1.23%                                                                         

Top 5 States by 6-Month Improvement in Non-Current* Percentage
Alaska:                        -15.67%
Washington:                -10.89%
District of Columbia:   -10.84%
California:                   -10.58%
Hawaii:                        -10.34%                                                                                              

Top 5 States by 6-Month Deterioration in Non-Current* Percentage
Iowa:                           8.49%
Arkansas:                     6.97%
Oklahoma:                   5.32%
Indiana:                       4.36%
Arizona:                       3.86%                                                             

*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 Dec. 9, 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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