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Black Knight: Total Number of Past Due Mortgages Improves in July While Serious Delinquencies Climb; Monthly Prepayment Activity Hits 16-Year High

August 21, 2020
- Mortgage delinquencies continued to improve in July, falling 9% from June, with more than 340,000 fewer past due mortgages than in the month prior
- Early-stage delinquencies -- loans with a single missed payment -- have fallen below pre-pandemic levels, suggesting that the initial inflow of new COVID-19-related delinquencies has subsided
- However, serious delinquencies -- those 90 or more days past due -- rose by 376,000 and are now up more than 1.8 million from their pre-pandemic levels
- Foreclosure activity continues to remain muted due to widespread moratoriums; though starts rose for the month, overall activity remains near record lows
- Prepayment activity edged slightly higher in July, hitting its highest monthly mark since early 2004, as low rates continue to drive both refinance and purchase activity

JACKSONVILLE, Fla., Aug. 21, 2020 /PRNewswire/ -- Black Knight, Inc. (NYSE: BKI) reports the following "first look" at July 2020 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): 6.91%
Month-over-month change: -8.91%
Year-over-year change: 99.96%

Total U.S. foreclosure pre-sale inventory rate: 0.36%
Month-over-month change: -1.80%
Year-over-year change: -28.04%

Total U.S. foreclosure starts: 9,900
Month-over-month change: 67.80%
Year-over-year change: -74.74%

Monthly prepayment rate (SMM): 2.73%
Month-over-month change: 2.80%
Year-over-year change: 91.10%

Foreclosure sales as % of 90+: 0.06%
Month-over-month change: 18.03%
Year-over-year change: -96.79%

Number of properties that are 30 or more days past due, but not in foreclosure: 3,692,000
Month-over-month change: -342,000
Year-over-year change: 1,885,000

Number of properties that are 90 or more days past due, but not in foreclosure: 2,250,000
Month-over-month change: 376,000
Year-over-year change: 1,806,000

Number of properties in foreclosure pre-sale inventory: 190,000
Month-over-month change: -2,000
Year-over-year change: -68,000

Number of properties that are 30 or more days past due or in foreclosure: 3,881,000
Month-over-month change: -345,000
Year-over-year change: 1,816,000

Top 5 States by Non-Current* Percentage

Mississippi:                  11.77%
Louisiana:                    10.77%
New York:                   9.66%
Hawaii:                        9.60%
New Jersey:                 9.33%    

Bottom 5 States by Non-Current* Percentage

Colorado:                     4.75%
Oregon:                        4.66%
Montana:                     4.51%
Washington:                 4.36%
Idaho:                          3.82%

Top 5 States by 90+ Days Delinquent Percentage

Mississippi:                  6.59%
Louisiana:                    6.00%
Nevada:                       5.92%
New Jersey:                 5.90%
Alaska:                        5.90%    

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

Mississippi:                  19.52%
Arkansas:                     30.78%
West Virginia:              32.91%
Alabama:                     35.45%
Iowa:                           38.26%   

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

Nevada:                       214.67%
Alaska:                        201.07%
California:                    196.16%
Colorado:                     190.79%
Hawaii:                        177.37%       

*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 Sep. 8, 2020.

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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