Black Knight’s First Look at April 2017 Mortgage Data: Calendar-Driven Spike in Delinquencies Results in Largest Monthly Rise in More Than Eight Years

• First-lien mortgage delinquencies rose by 13 percent, the largest monthly increase since November 2008
• Month-over-month, the number of borrowers past due on mortgage payments increased by 241,000
• April’s delinquency rate increase was primarily calendar-driven (due to both the month ending on a Sunday and March being the typical calendar-year low) and largely isolated to early-stage delinquencies
• The inventory of loans in active foreclosure continues to decline, hitting a 10-year low in April
• At just 52,800, April saw the fewest monthly foreclosure starts since January 2005
• Prepayment speeds (historically a good indicator of refinance activity) fell by 11 percent from March
  

JACKSONVILLE, Fla., May 24, 2017 -- The Data & Analytics division of Black Knight Financial Services, Inc. (NYSE:BKFS) reports the following “first look” at April 2017 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):​ 4.08%
Month-over-month change: 12.93%
Year-over-year change: -3.58%

Total U.S. foreclosure pre-sale inventory rate: 0.85%
Month-over-month change: -3.47%
Year-over-year change: -27.34%

Total U.S. foreclosure starts: 52,800
Month-over-month change: -12.44%
Year-over-year change: -10.05%

Monthly Prepayment Rate (SMM): 0.86%
Month-over-month change: -10.63%
Year-over-year change: -31.63%

Foreclosure Sales as % of 90+: 1.96%
Month-over-month change: -14.20%
Year-over-year change: -7.80%

Number of properties that are 30 or more days past due, but not in foreclosure: ​ 2,072,000
Month-over-month change: 241,000
Year-over-year change: -74,000

Number of properties that are 90 or more days past due, but not in foreclosure: ​ 581,000
Month-over-month change: -8,000
Year-over-year change: -149,000

Number of properties in foreclosure pre-sale inventory: ​ 433,000
Month-over-month change: -15,000
Year-over-year change: -162,000

Number of properties that are 30 or more days past due or in foreclosure: ​ 2,506,000
Month-over-month change: 227,000
Year-over-year change: -235,000

Top 5 States by Non-Current* Percentage
Mississippi: 10.64%
Louisiana: 9.26%
Alabama: 7.66%
West Virginia: 7.39%
Maine: 7.10%

Bottom 5 States by Non-Current* Percentage
Oregon: 2.91%
Montana: 2.85%             
Minnesota: 2.69%
North Dakota: 2.41%
Colorado: 2.28%

Top 5 States by 90+ Days Delinquent Percentage
Mississippi: 3.16%
Louisiana: 2.71%
Alabama: 2.18%
Arkansas: 1.84%
Tennessee: 1.72%

Top 5 States by 6-Month Improvement in Non-Current* Percentage
New Jersey: -13.96%
Florida: -13.41%
New York: -13.00%
Nevada: -11.71%
District of Columbia: -9.73%

Top 5 States by 6-Month Deterioration in Non-Current* Percentage
Alaska: 17.63%
North Dakota: 8.25%
South Dakota: 0.13%
Montana: -0.43%
New Hampshire: -1.77%

*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 Financial Services’ 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 at http://www.bkfs.com/CorporateInformation/NewsRoom/Pages/20170524.aspx

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 http://www.bkfs.com/CorporateInformation/NewsRoom/Pages/Mortgage-Monitor.aspx by June 5, 2017.

For more information about gaining access to Black Knight’s loan-level database, please send an email to [email protected].

About Black Knight Financial Services, Inc.
Black Knight Financial Services, Inc. (NYSE:BKFS) is a leading provider of integrated technology, data and analytics solutions that facilitate and automate many of the business processes across the mortgage lifecycle.

Black Knight Financial Services is committed to being a premier business partner that lenders and servicers rely on to achieve their strategic goals, realize greater success and better serve their customers by delivering best-in-class technology, services and insight with a relentless commitment to excellence, innovation, integrity and leadership. For more information on Black Knight Financial Services, please visit www.bkfs.com.

For more information:

Michelle Kersch
904.854.5043
[email protected]

Mitch Cohen
646.546.5103
[email protected]