Rise in delinquencies in early February leads to first increase in delinquent mortgages in nine months; Lockdown begins to drop 24% after January peak

Although delinquent loans increased slightly (+1.8%) in February, the national delinquency rate remains close to pre-pandemic levels heading into March, which typically sees strong seasonal performance improvements

February’s increase was driven by a 97,000 rise in early-stage delinquencies – which nonetheless remain well below pre-pandemic levels

At the same time, the number of seriously delinquent mortgages (those overdue by 90 days or more) fell by 72,000, as borrowers dropping out of forbearance plans continued to start making payments again

After peaking significantly in January, foreclosures fell 24% in February, with the month’s 25,000 starts down 23% February 2020 levels, before the start of the economic tensions linked to the pandemic

Similarly, despite an increase of 13,000 in the number of loans in active foreclosure, the population remains 32% below February 2020 levels

JACKSONVILLE, Florida., March 24, 2022 /PRNewswire/ — Black Knight, Inc. (NYSE: BKI) reports the following “first look” at February 2022 month-end mortgage performance statistics drawn from its loan-level database representing the majority of the national mortgage market.

Black Knight, Inc. logo (PRNewsfoto/Black Knight, Inc.)

U.S. Total Delinquent Loan Rate (loans past due 30 days or more but not foreclosed): 3.36%
Month-to-month change: 1.76%
Year-over-year change: -44.09%

Total pre-sale inventory rate in the United States: 0.31%
Month-to-month change: 9.35%
Year-over-year change: -3.41%

Total number of seizures in the United States: 25,000
Month-on-month change: -24.01%
Year-over-year change: 541.03%

Monthly prepayment rate (MMS): 1.12%
Month-to-month change: -10.85%
Year-over-year change: -60.68%

Foreclosure sales in % of 90+: 0.31%
Month-on-month change: -14.05%
Year-over-year change: 243.17%

Number of properties overdue for 30 days or more but not seized: 1,783,000
Month-to-month change: 25,000
Year-over-year change: -1,403,000

Number of properties overdue for 90 days or more but not seized: 787,000
Month-to-month change: -72,000
Year-over-year change: -1,288,000

Number of properties in foreclosure pre-sale inventory: 162,000
Month-to-month change: 13,000
Year-over-year change: -6,000

Number of properties overdue for 30 days or more or in foreclosure: 1,946,000
Month-to-month change: 39,000
Year-on-year change: -1,408,000

Top 5 states by non-current percentage*
Mississippi: 6.96%
Louisiana: 6.80%
West Virginia: 5.33%
Alabama: 5.24%
Oklahoma: 5.14%

Bottom 5 States by Non-Current Percentage*
Montana: 2.39%
California: 2.31%
Colorado: 2.17%
Washington: 2.03%
Idaho: 1.98%

Top 5 States by Percentage of 90+ Day Offenders
Louisiana: 3.07%
Mississippi: 2.92%
Alabama: 2.17%
West Virginia: 2.13%
Arkansas: 2.08%

Top 5 States by 6-Month Improvement in Non-Current Percentage*
Hawaii: -40.72%
Nevada: -27.13%
New Jersey: -23.88%
California: -23.22%
District of Columbia: -22.92%

Top 5 states by 6-month deterioration in non-current percentage*
Michigan: 1.33%
Utah: -2.39%
Iowa: -3.00%
Alabama: -3.39%
Maine: -3.61%

*Non-current totals combine foreclosures and delinquencies as a percentage of active loans in that state.
Remarks:

  1. Totals are extrapolated based on Black Knight’s mortgage database.

  2. All integers are rounded to the nearest thousand, except for foreclosure starts, which are rounded to the nearest hundred.

Prepayment activity – as evidenced by one-month mortality – fell another 11% in February, hitting a nearly three-year low as rising rates continue to impact refinancing volumes. 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 look at this data in its monthly Mortgage Monitor report, which includes an analysis of the data supplemented by detailed charts and graphs that reflect trends and point observations. The Mortgage Monitor report will be available online at https://www.blackknightinc.com/data-reports/ by April 4, 2022. For more information on accessing Black Knight’s Loan Level Database, please email [email protected]

About the Dark Knight

Black Knight, Inc. (NYSE: BKI) is an award-winning software, data and analytics company that drives innovation in the mortgage and real estate lending and servicing industries, as well as in capital markets and secondary. Businesses leverage our robust integrated solutions across the homeownership lifecycle to help retain existing customers, win new customers, mitigate risk and operate more efficiently.

Our customers rely on our proven, comprehensive, and scalable products and our unwavering commitment to providing superior customer support to achieve their strategic goals and better serve their customers. For more information about Black Knight, please visit www.blackknightinc.com.

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SOURCEBlack Knight, Inc.

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