Black Knight’s First Look at March 2017 Mortgage Data: Delinquency Rate Drops to 11-Year Low; Prepayments Up 20 Percent from February’s Three-Year Low

• Delinquencies declined 14 percent month-over-month, hitting their lowest level since March 2006 and the fourth lowest point since the turn of the century
  
• Total non-current inventory – all loans 30 days or more past due or in active foreclosure – fell below 2.3 million, the lowest volume in 11 years
• After hitting a three-year low in February, prepayment speeds (historically a good indicator of refinance activity) rose 20 percent in March; still 26 percent below last year’s level
• Foreclosure starts were up 4.15 percent for the month, but Q1 2017’s 189,000 starts represented an 18 percent decline from Q1 2016

JACKSONVILLE, Fla., April 21, 2017 -- The Data & Analytics division of Black Knight Financial Services, Inc. (NYSE:BKFS) reports the following “first look” at March 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): 3.62%
Month-over-month change: -14.08%
Year-over-year change: -11.40%

Total U.S. foreclosure pre-sale inventory rate: 0.88%
Month-over-month change: -4.60%
Year-over-year change: -29.15%

Total U.S. foreclosure starts: 60,300
Month-over-month change: 4.15%
Year-over-year change: -17.17%

Monthly Prepayment Rate (SMM): 0.96%
Month-over-month change: 20.03%
Year-over-year change: -25.98%

Foreclosure Sales as % of 90+: 2.29%
Month-over-month change: 22.59%
Year-over-year change: 4.74%

Number of properties that are 30 or more days past due, but not in foreclosure: 1,831,000
Month-over-month change: -304,000
Year-over-year change: -231,000

Number of properties that are 90 or more days past due, but not in foreclosure: 589,000
Month-over-month change: -52,000
Year-over-year change: -144,000

Number of properties in foreclosure pre-sale inventory: 448,000
Month-over-month change: -22,000
Year-over-year change: -183,000

Number of properties that are 30 or more days past due or in foreclosure: 2,279,000
Month-over-month change: -326,000
Year-over-year change: -414,000

Top 5 States by Non-Current* Percentage
Mississippi: 9.70%
Louisiana: 8.46%             
Alabama: 6.87%             
New Jersey: 6.64%             
West Virginia: 6.56%                         

Bottom 5 States by Non-Current* Percentage
Idaho: 2.63%             
Montana: 2.57%             
Minnesota: 2.36%
North Dakota: 2.09%
Colorado: 2.06%

Top 5 States by 90+ Days Delinquent Percentage
Mississippi: 3.12%             
Louisiana: 2.76%             
Alabama: 2.17%             
Arkansas: 1.89%
Tennessee: 1.73%

Top 5 States by 6-Month Improvement in Non-Current* Percentage
New Jersey: -18.27%                      
Louisiana: -18.01%                      
Washington: -17.69%                      
Nebraska: -17.25%                      
Michigan: -17.12%

Top 5 States by 6-Month Deterioration in Non-Current* Percentage
North Dakota:  -6.33%            
Hawaii: -9.43%            
Alaska: -9.83%            
South Dakota: -9.90%            
Maine: -10.41%
                         
*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/20170421.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 May 1, 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]