Black Knight: February Delinquencies Up; Prepayments Rise

MBA NewsLink Staff

March 21, 2019


Black Knight, Jacksonville, Fla., said mortgage delinquencies rose in February, the first increase in that month in 12 years.

The company's First Look Mortgage Monitor report also reported mortgage prepayments rose by 11 percent in February, driven in part by softening interest rates.

The report said mortgage delinquencies rose by 3.7 percent in February, the first February increase seen since 2007. Despite the monthly rise, delinquencies remain more than 9.5 percent below last year's level. Foreclosures fell to just 40,500, down by 19.5 percent from January and edged close to September 2018's 15-year low. The national foreclosure rate improved marginally and is now down more than 21 percent year-over-year.

Other report data:

--The delinquency rate (loans e0 or more days past due, but not in foreclosure) rose to 3,89 percent, up by 3.68 percent from January but down by 9.53 percent from a year ago.

--The foreclosure pre-sale inventory rate fell to 0.51 percent, down by 0.35 percent from January and down by 21.28 percent from a year ago.

--Total foreclosure starts fell to 40,400, down by 19.52 percent from January and down by 13.49 percent from a year ago.

--The monthly pre-payment rate rose to 0.66 percent, up by 11.10 percent from January but down by 8.75 percent from a year ago.

--Properties 30 or more days past due, but not in foreclosure: 2.019 million, up by 74,000 from January but down by 179,000 from a year ago.

--Properties 90 or more days past due, but not in foreclosure: 502,000, down by 2,000 from January and down by 195,000 from a year ago.

--Properties in foreclosure pre-sale inventory: 264,000, down by 1,000 from January and down by 67,000 from a year ago.

--Properties 30 or more days past due or in foreclosure: 2.284 million, up by 74,000 from January and down by 244,000 from a year ago.

--States with the highest percentage of non-current loans: Mississippi (10.16 percent), Louisiana (8.27 percent), Alabama (6.98 percent), West Virginia (6.42 percent) and Arkansas (6.19 percent).

--States with the lowest percentage of non-current loans: Colorado (2.01 percent), Oregon (2.23 percent), Washington (2.30 percent), Idaho (2.32 percent) and North Dakota (2.56 percent).

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