Black Knight: September Prepayments At More Than 20-Year Low on Spiking Interest Rates; Foreclosure Starts Fall 9% from August, Remain 53% Below Pre-Pandemic Levels
Black Knight, Inc. (NYSE:BKI) reports significant declines in mortgage performance metrics for September 2022. The monthly prepayment activity decreased by 14.9%, reaching a 20-year low of 0.57%. The national delinquency rate fell slightly by 0.2% to 2.78%, with serious delinquencies only 24% above pre-pandemic levels. Notably, foreclosure starts declined by 9% to 18,400, remaining 53% below pre-pandemic figures. The report indicates a steadiness in active foreclosure inventory, and variations in delinquency rates across states are outlined.
- Foreclosure starts fell by 9% from August, indicating improving mortgage performance.
- National delinquency rate decreased by 0.2% to 2.78%, showing stabilization in the market.
- Monthly prepayment rate dropped by 14.9% to 0.57%, indicating reduced refinancing activity.
- Total U.S. foreclosure pre-sale inventory rate increased 35.52% year-over-year to 0.35%.
- Prepayment activity dropped -
14.9% to a single-month mortality (SMM) rate of0.57% in September – below the recent record of0.59% set in January 2019 – to the lowest level since November 2000 - The national delinquency rate inched down -
0.2% from August to2.78% , just 3 BPS above the record low set in May of this year, with the number of past due mortgages holding relatively steady across the board - The number of borrowers a single payment past due rose by
1% , while 90-day delinquencies fell -1.5 % in September and are now only24% above the pre-pandemic serious delinquency rate - Foreclosure starts fell
9% from August to 18,400 –53% below pre-pandemic levels – with starts initiated on3% of serious delinquencies, still less than half the rate of the years leading up to the pandemic - Active foreclosure inventory held steady in the month at volumes that have remained subdued in early 2022 after the record lows of 2021 due to widespread moratoriums and forbearance protections
JACKSONVILLE, Fla., Oct. 21, 2022 /PRNewswire/ -- Black Knight, Inc. (NYSE:BKI) reports the following "first look" at September 2022 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):
Month-over-month change: -
Year-over-year change: -
Total U.S. foreclosure pre-sale inventory rate:
Month-over-month change:
Year-over-year change:
Total U.S. foreclosure starts: 18,400
Month-over-month change: -
Year-over-year change:
Monthly prepayment rate (SMM):
Month-over-month change: -
Year-over-year change: -
Foreclosure sales as % of 90+:
Month-over-month change:
Year-over-year change:
Number of properties that are 30 or more days past due, but not in foreclosure: 1,491,000
Month-over-month change: 2,000
Year-over-year change: -577,000
Number of properties that are 90 or more days past due, but not in foreclosure: 558,000
Month-over-month change: -9,000
Year-over-year change: -675,000
Number of properties in foreclosure pre-sale inventory: 185,000
Month-over-month change: 0
Year-over-year change: 50,000
Number of properties that are 30 or more days past due or in foreclosure: 1,677,000
Month-over-month change: 3,000
Year-over-year change: -526,000
Top 5 States by Non-Current* Percentage
Mississippi: | 6.39 % |
Louisiana: | 5.62 % |
Oklahoma: | 4.68 % |
Alabama: | 4.56 % |
West Virginia: | 4.46 % |
Bottom 5 States by Non-Current* Percentage
Oregon: | 1.93 % |
Colorado: | 1.79 % |
California: | 1.78 % |
Idaho: | 1.68 % |
Washington: | 1.64 % |
Top 5 States by 90+ Days Delinquent Percentage
Mississippi: | 2.39 % |
Louisiana: | 1.95 % |
Alabama: | 1.67 % |
Oklahoma: | 1.54 % |
Arkansas: | 1.51 % |
Top 5 States by 6-Month Change in Non-Current* Percentage
Alaska: | -24.31 % |
Hawaii: | -23.06 % |
North Dakota: | -15.09 % |
New York: | -14.00 % |
District of Columbia: | -10.19 % |
Bottom 5 States by 6-Month Change in Non-Current* Percentage
South Dakota: | 10.09 % |
Iowa: | 8.39 % |
Arizona: | 6.54 % |
Kansas: | 6.28 % |
Wyoming: | 4.99 % |
*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 Nov. 7, 2022. For more information about gaining access to Black Knight's loan-level database, please send an email to Mortgage.Monitor@bkfs.com.
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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Michelle Kersch | Mitch Cohen |
904.854.5043 | 704.890.8158 |
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SOURCE Black Knight, Inc.
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