Black Knight's First Look: Mortgage Delinquencies Rise for the First Time in Nine Months; Increase Largely Calendar-Driven But Bears Watching

Rhea-AI Summary

Black Knight, Inc. (NYSE: BKI) released its February 2021 mortgage performance statistics, revealing a total U.S. loan delinquency rate of 6.00%, marking an 83.03% year-over-year increase. Foreclosure pre-sale inventory dropped to 0.32%, down 29.90% from last year. The monthly prepayment rate increased to 2.85%, up 110.35% year-over-year. The report indicated significant increases in properties 30+ days past due, totaling 3,186,000. Notably, Mississippi led in non-current percentages, while Alaska showed the most improvement.

Positive

• Monthly prepayment rate increased to 2.85%, indicating higher refinancing activity.
• Foreclosure starts decreased by 33.90% month-over-month, indicating potential stabilization in the housing market.

Negative

• Delinquency rates have risen significantly, with 30+ days past due properties increasing by 1,449,000 year-over-year.
• The total U.S. loan delinquency rate increased by 2.61% month-over-month, raising concerns about mortgage market health.

JACKSONVILLE, Fla., March 23, 2021 /PRNewswire/ -- Black Knight, Inc. (NYSE: BKI) reports the following "first look" at February 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): 6.00%
Month-over-month change: 2.61%
Year-over-year change: 83.03%

Total U.S. foreclosure pre-sale inventory rate: 0.32%
Month-over-month change: -1.15%
Year-over-year change: -29.90%

Total U.S. foreclosure starts: 3,900
Month-over-month change: -33.90%
Year-over-year change: -87.93%

Monthly prepayment rate (SMM): 2.85%
Month-over-month change: 8.41%
Year-over-year change: 110.35%

Foreclosure sales as % of 90+: 0.09%
Month-over-month change: 8.18%
Year-over-year change: -93.88%

Number of properties that are 30 or more days past due, but not in foreclosure: 3,186,000
Month-over-month change: 56,000
Year-over-year change: 1,449,000

Number of properties that are 90 or more days past due, but not in foreclosure: 2,075,000
Month-over-month change: -15,000
Year-over-year change: 1,666,000

Number of properties in foreclosure pre-sale inventory: 168,000
Month-over-month change: -3,000
Year-over-year change: -71,000

Number of properties that are 30 or more days past due or in foreclosure: 3,354,000
Month-over-month change: 53,000
Year-over-year change: 1,378,000

Top 5 States by Non-Current* Percentage
Mississippi:                      10.79%
Louisiana:                        10.29%
Hawaii:                             8.87%
Oklahoma:                        8.35%
Maryland:                         8.01% 

Bottom 5 States by Non-Current* Percentage
Oregon:                            4.16%
Utah:                                 4.05%
Washington:                     3.85%
Colorado:                         3.83%
Idaho:                               3.29%

Top 5 States by 90+ Days Delinquent Percentage
Mississippi:                      6.26%
Louisiana:                        6.22%
Hawaii:                             5.69%
Nevada:                           5.58%
Maryland:                        5.11% 

Top 5 States by 6-Month Improvement in Non-Current* Percentage
Alaska:                              -21.69%
Utah:                                 -20.33%
New Jersey:                     -19.95%
Colorado:                         -18.38%
Florida:                             -17.58%

Top 5 States by 6-Month Deterioration in Non-Current* Percentage
Oklahoma:                       1.82%
Arkansas:                         0.01%
Nebraska:                        -3.11%
Minnesota:                       -3.11%
Iowa:                                -3.70%                                                                        

*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 April 5, 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.

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SOURCE Black Knight, Inc.

FAQ

What was the loan delinquency rate reported by Black Knight for February 2021?

The total U.S. loan delinquency rate was reported at 6.00%.

How much did foreclosure inventory change according to Black Knight's February 2021 report?

Foreclosure pre-sale inventory rate decreased to 0.32%, down 29.90% year-over-year.

What are the key statistics for properties 30 days past due in February 2021?

There are 3,186,000 properties 30 or more days past due, an increase of 1,449,000 year-over-year.

Which state had the highest non-current percentage in February 2021?

Mississippi had the highest non-current percentage at 10.79%.

When will Black Knight release its monthly Mortgage Monitor report?

The monthly Mortgage Monitor report will be available online by April 5, 2021.