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Black Knight's First Look: Mortgage Delinquencies Decline Another 7% in April; At Current Rate of Improvement, Delinquencies to Return to Pre-Pandemic Levels By Year's End

May 20, 2021
-- The number of past-due mortgages improved again in April, as the national delinquency rate fell to 4.66% from 5.02% in March
-- New delinquencies rose 23% from March's record lows, but are down 33% from April 2019, while more than 400,000 (14% of) homeowners past-due on their mortgages became current on payments
-- Serious delinquencies (loans 90 or more days past due but not yet in foreclosure) saw strong improvement as well, falling by 151,000 for the month
-- Nearly 1.8 million first-lien mortgages remain seriously delinquent, 1.3 million more than there were heading into the pandemic
-- Both foreclosure starts and active foreclosure inventory hit new record lows once again in April as both moratoriums and borrower forbearance plan participation continue to limit activity
-- Mortgage prepayments fell nearly 23% in April to their lowest level since May 2020, reflecting the impact on refinance activity of interest rate spikes earlier this year
-- Black Knight's April Originations Market Monitor report also showed that rate locks have fallen further over the past month, suggesting prepay volumes will likely be muted in the months to come

JACKSONVILLE, Fla., May 20, 2021 /PRNewswire/ -- Black Knight, Inc. (NYSE: BKI) reports the following "first look" at April 2021 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): 4.66%Month-over-month change: -7.11%
Year-over-year change: -27.68%

Total U.S. foreclosure pre-sale inventory rate: 0.29%
Month-over-month change: -6.29%
Year-over-year change: -28.67%

Total U.S. foreclosure starts: 3,700          
Month-over-month change:  -26.00%
Year-over-year change: -50.00%

Monthly prepayment rate (SMM): 2.58%
Month-over-month change: -22.79%
Year-over-year change: 10.77%

Foreclosure sales as % of 90+: 0.14%
Month-over-month change: -9.82%
Year-over-year change: 26.99%

Number of properties that are 30 or more days past due, but not in foreclosure: 2,500,000
Month-over-month change: -172,000
Year-over-year change: -900,000

Number of properties that are 90 or more days past due, but not in foreclosure: 1,768,000
Month-over-month change: -151,000
Year-over-year change: 1,306,000

Number of properties in foreclosure pre-sale inventory: 153,000
Month-over-month change: -9,000
Year-over-year change: -58,000

Number of properties that are 30 or more days past due or in foreclosure: 2,653,000
Month-over-month change: -181,000
Year-over-year change: -959,000

Top 5 States by Non-Current* Percentage
Mississippi:                         8.24%
Louisiana:                           7.86%
Hawaii:                                7.29%
Oklahoma:                          6.55%
Maryland:                            6.52%                                                   

Bottom 5 States by Non-Current* Percentage
Montana:                            3.16%
Washington:                       3.03%
Utah:                                   2.99%
Colorado:                            2.97%
Idaho:                                  2.47%

Top 5 States by 90+ Days Delinquent Percentage
Mississippi:                         5.35%
Louisiana:                           5.15%
Nevada:                              4.80%
Hawaii:                                4.76%
Maryland:                           4.56%                                                                                   

Top 5 States by 6-Month Improvement in Non-Current* Percentage
Utah:                                    -33.20%
Maine:                                 -30.92%
Rhode Island:                     -30.79%
South Dakota:                    -30.47%
Colorado:                           -30.03%                                                                               

Top 5 States by 6-Month Deterioration in Non-Current* Percentage
District of Columbia:          -18.16%
Oklahoma:                         -21.30%
Minnesota:                         -21.66%
Maryland:                           -22.39%
Nebraska:                          -23.46%                                                                                               

*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 June. 7, 2021.

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, Inc. (NYSE: BKI) is an award-winning software, data and analytics company that drives innovation in the mortgage lending and servicing and real estate industries, as well as the capital and secondary markets. Businesses leverage our robust, integrated solutions across the entire homeownership life cycle to help retain existing customers, gain new customers, mitigate risk and operate more effectively.

Our clients rely on our proven, comprehensive, scalable products and our unwavering commitment to delivering superior client support to achieve their strategic goals and better serve their customers. For more information on Black Knight, please visit www.blackknightinc.com.

For more information:


Michelle Kersch

Mitch Cohen

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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