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
10/21/2022 - 09:00 AM
Prepayment activity dropped -14.9% to a single-month mortality (SMM) rate of 0.57% in September – below the recent record of 0.59% set in January 2019 – to the lowest level since November 2000 The national delinquency rate inched down -0.2% from August to 2.78% , 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 only 24% above the pre-pandemic serious delinquency rate Foreclosure starts fell 9% from August to 18,400 – 53% below pre-pandemic levels – with starts initiated on 3% 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 Black Knight, Inc. 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): 2.78% 0.18% 28.78%
Total U.S. foreclosure pre-sale inventory rate: 0.35% 0.04% 35.52%
Total U.S. foreclosure starts: 18,4009.36% 371.79%
Monthly prepayment rate (SMM): 0.57% 14.89% 73.33%
Foreclosure sales as % of 90+: 0.60% 11.96% 100.62%
Number of properties that are 30 or more days past due, but not in foreclosure: 1,491,000
Number of properties that are 90 or more days past due, but not in foreclosure: 558,000
Number of properties in foreclosure pre-sale inventory: 185,000
Number of properties that are 30 or more days past due or in foreclosure: 1,677,000
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.
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 .
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.
