Black Knight Financial Services' First Look at January Mortgage Data: Impact of Rising Rates Felt as Prepayments Decline by 30 Percent in January
-- Prepayment speeds (historically a good indicator of refinance activity) declined by 30 percent in January to the lowest level since February 2016
-- Delinquencies improved by 3.9 percent from December and were down 17 percent from January 2016
-- Foreclosure starts rose 18 percent for the month; January's 70,400 starts were the most since March 2016
-- 2.6 million borrowers are behind on mortgage payments, the lowest number since August 2006, immediately following the pre-crisis national peak in home prices
JACKSONVILLE, Fla., Feb. 23, 2017 /PRNewswire/ -- The Data & Analytics division of Black Knight Financial Services, Inc. (NYSE: BKFS) reports the following "first look" at January 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): 4.25%
Month-over-month change: -3.85%
Year-over-year change: -16.57%
Total U.S. foreclosure pre-sale inventory rate: 0.94%
Month-over-month change: -0.46%
Year-over-year change: -27.57%
Total U.S. foreclosure starts: 70,400
Month-over-month change: 17.92%
Year-over-year change: -2.09%
Monthly Prepayment Rate (SMM): 0.95%
Month-over-month change: -29.83%
Year-over-year change: 17.15%
Foreclosure Sales as % of 90+: 2.23%
Month-over-month change: 25.51%
Year-over-year change: 2.91%
Number of properties that are 30 or more days past due, but not in foreclosure: 2,162,000
Month-over-month change: -86,000
Year-over-year change: -413,000
Number of properties that are 90 or more days past due, but not in foreclosure: 664,000Month-over-month change: -18,000
Year-over-year change: -167,000
Number of properties in foreclosure pre-sale inventory: 481,000
Month-over-month change: -2,000
Year-over-year change: -178,000
Number of properties that are 30 or more days past due or in foreclosure: 2,643,000
Month-over-month change: -88,000
Year-over-year change: -591,000
Top 5 States by Non-Current* Percentage
| Mississippi: |
11.30% |
| Louisiana: |
9.78% |
| Alabama: |
7.91% |
| West Virginia: |
7.74% |
| New Jersey: |
7.47% |
Bottom 5 States by Non-Current* Percentage
| Idaho: |
3.00% |
| Montana: |
2.86% |
| Minnesota: |
2.77% |
| Colorado: |
2.34% |
| North Dakota: |
2.28% |
Top 5 States by 90+ Days Delinquent Percentage
| Mississippi: |
3.44% |
| Louisiana: |
3.10% |
| Alabama: |
2.37% |
| Arkansas: |
2.07% |
| Tennessee: |
1.92% |
Top 5 States by 6-Month Improvement in Non-Current* Percentage
| New Jersey: |
-16.54% |
| Colorado: |
-13.70% |
| Washington: |
-13.45% |
| Utah: |
-13.13% |
| Oregon: |
-11.81% |
Top 5 States by 6-Month Deterioration in Non-Current* Percentage
| Alaska: |
2.08% |
| Louisiana: |
1.52% |
| Wyoming: |
-0.10% |
| Nebraska: |
-0.94% |
| Arkansas: |
-2.36% |
*Non-current totals combine foreclosures and delinquencies as a percent of active loans in that state.
Notes:
- Totals are extrapolated based on Black Knight Financial Services' loan-level database of mortgage assets.
- 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/20170223.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 March 6, 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 |
Mitch Cohen |
| 904.854.5043 |
646.546.5103 |
SOURCE Black Knight Financial Services, Inc.
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