{"id":714331,"date":"2022-11-22T09:09:20","date_gmt":"2022-11-22T14:09:20","guid":{"rendered":"https:\/\/www.marketnewsdesk.com\/index.php\/black-knights-first-look-prepayment-activity-hit-record-low-in-october-as-rates-topped-7-mortgage-delinquencies-up-4-5-in-first-signs-of-hurricane-ian-impact\/"},"modified":"2022-11-22T09:09:20","modified_gmt":"2022-11-22T14:09:20","slug":"black-knights-first-look-prepayment-activity-hit-record-low-in-october-as-rates-topped-7-mortgage-delinquencies-up-4-5-in-first-signs-of-hurricane-ian-impact","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/black-knights-first-look-prepayment-activity-hit-record-low-in-october-as-rates-topped-7-mortgage-delinquencies-up-4-5-in-first-signs-of-hurricane-ian-impact\/","title":{"rendered":"Black Knight’s First Look: Prepayment Activity Hit Record Low in October as Rates Topped 7%; Mortgage Delinquencies Up 4.5% in First Signs of Hurricane Ian Impact"},"content":{"rendered":"
\n

PR Newswire<\/p>\n<\/p><\/div>\n

\n

– Prepayments fell 16.5% to a single-month mortality (SMM) rate of 0.48%, well below the previous record of 0.55% and the lowest recorded since at least 2000 when Black Knight began reporting the metric<\/p>\n

– The national delinquency rate rose 4.5% in October to 2.91% \u2013 up 12 basis points since September \u2013 driven by a sharp 9.4% rise in 30-day delinquencies<\/p>\n

– Florida<\/span> led the jump in new early delinquencies (+19K<\/span>) \u2013 with the state delinquency rate rising 53 basis points to 3.42% — giving an initial indication of Hurricane Ian impact<\/p>\n

– Loans 60 days past due ticked up 2.9% nationally, while those 90 or more days delinquent saw continued \u2013 if modest \u2013 improvement, inching down another 1.5% in October<\/p>\n

– October’s 19.6K<\/span> foreclosure starts represented a 7% increase that partly reversed September’s decline, but are still 55% below pre-pandemic levels<\/p>\n

– Foreclosure starts were initiated on 4% of existing serious delinquencies in October, up slightly from September but still less than half the rate seen in the years leading up to the pandemic<\/p>\n

– Active foreclosure inventory held steady as volumes have remained subdued in 2022 due to still historically low foreclosure start levels<\/p>\n

\n
\n JACKSONVILLE, Fla.<\/span>
\n <\/span>, Nov. 22, 2022<\/span><\/span> \/PRNewswire\/ — Black Knight, Inc.<\/a><\/u>\u00a0(NYSE:BKI) reports the following “first look” at October 2022<\/span> month-end mortgage performance statistics derived from its loan-level database representing the majority of the national mortgage market.\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0<\/p>\n

\n

\n
\n \"Black
\n <\/a>\n <\/p>\n<\/p><\/div>\n

Total U.S. loan delinquency rate (loans 30 or more days past due, but not in foreclosure): 2.91%
Month-over-month change: 4.45%
Year-over-year change: -22.32%<\/p>\n

Total U.S. foreclosure pre-sale inventory rate: 0.35%
Month-over-month change: 0.42%
Year-over-year change: 33.22%<\/p>\n

Total U.S. foreclosure starts: 19,600\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
Month-over-month change: 6.52%
Year-over-year change: 390.00%<\/p>\n

Monthly prepayment rate (SMM): 0.48%
Month-over-month change: -16.48%
Year-over-year change: -75.47%<\/p>\n

Foreclosure sales as % of 90+: 0.59%
Month-over-month change: -1.47%
Year-over-year change: 117.07%<\/p>\n

Number of properties that are 30 or more days past due, but not in foreclosure: 1,557,000
Month-over-month change: 66,000
Year-over-year change: -429,000<\/p>\n

Number of properties that are 90 or more days past due, but not in foreclosure: 551,000
Month-over-month change: -7,000
Year-over-year change: -555,000<\/p>\n

Number of properties in foreclosure pre-sale inventory: 186,000
Month-over-month change: 1,000
Year-over-year change: 48,000<\/p>\n

Number of properties that are 30 or more days past due or in foreclosure: 1,743,000
Month-over-month change: 66,000
Year-over-year change: -382,000<\/p>\n

\n Top 5 States by Non-Current* Percentage
<\/b>Mississippi:\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 6.50%
Louisiana:\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 5.75%
Oklahoma:\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 4.88%
Alabama:\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 4.64%
West Virginia:\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a04.47%<\/p>\n

\n Bottom 5 States by Non-Current* Percentage
<\/b>Colorado:\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 2.05%
Oregon:\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 1.99%
California:\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 1.84%
Idaho:\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 1.74%
Washington:\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 1.67%<\/p>\n

\n Top 5 States by 90+ Days Delinquent Percentage
<\/b>Mississippi:\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 2.38%
Louisiana:\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 1.90%
Alabama:\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 1.66%
Oklahoma:\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a01.55%
Arkansas:\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 1.54%<\/p>\n

\n Top 5 States by 6-Month Change in Non-Current* Percentage
<\/b>Alaska:\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 -23.82%
Hawaii:\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 -20.35%
New York:\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 -14.00%
North Dakota:\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 -10.47%
New Jersey:\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0-3.13%\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0<\/p>\n

\n Bottom 5 States by 6-Month Change in Non-Current* Percentage
<\/b>Iowa:\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 22.96%
Florida:\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 16.80%
Colorado:\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a015.91%
South Dakota:\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a013.12%
Arizona:\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 12.43%\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0<\/p>\n

*Non-current totals combine foreclosures and delinquencies as a percent of active loans in that state.
Notes:
1)\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Totals are extrapolated based on Black Knight’s loan-level database of mortgage assets.
2)\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 All whole numbers are rounded to the nearest thousand, except foreclosure starts, which are rounded to the nearest hundred.<\/p>\n

For a more detailed view of this month’s “first look” data, please visit the Black Knight newsroom<\/a>. 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 https:\/\/www.blackknightinc.com\/data-reports\/<\/a> by Dec. 5, 2022<\/span>. For more information about gaining access to Black Knight’s loan-level database, please send an email to Mortgage.Monitor@bkfs.com<\/a>.<\/p>\n

\n About Black Knight<\/b>\n <\/div>\n

Black Knight, Inc. (NYSE:BKI) is an award-winning software, data and analytics company that drives innovation in the mortgage lending and servicing and real estate industries, as well as the capital and secondary markets. Businesses leverage our robust, integrated solutions across the entire homeownership life cycle to help retain existing customers, gain new customers, mitigate risk and operate more effectively.<\/p>\n

Our clients rely on our proven, comprehensive, scalable products and our unwavering commitment to delivering superior client support to achieve their strategic goals and better serve their customers. For more information on Black Knight, please visit\u00a0www.blackknightinc.com<\/a>.<\/p>\n

\n\n\n\n\n\n
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\n For\u00a0more\u00a0information:<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n<\/tr>\n
\n

\n Michelle Kersch\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0<\/span>\n <\/p>\n<\/td>\n

\n

\n Mitch Cohen\u00a0\u00a0\u00a0\u00a0\u00a0<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n 904.854.5043\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0\u00a0<\/span>\n <\/p>\n<\/td>\n

\n

\n 704.890.8158<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n
\n michelle.kersch@bkfs.com<\/a>\u00a0 \u00a0 \u00a0 \u00a0 \u00a0\u00a0<\/span>\n <\/p>\n<\/td>\n

\n

\n
\n
\n mitch.cohen@bkfs.com<\/span>
\n <\/a>
\n <\/span>\n <\/p>\n<\/td>\n<\/tr>\n<\/table><\/div>\n

\u00a0<\/p>\n

<\/div>\n

\n \"Cision\" View original content to download multimedia:https:\/\/www.prnewswire.com\/news-releases\/black-knights-first-look-prepayment-activity-hit-record-low-in-october-as-rates-topped-7-mortgage-delinquencies-up-4-5-in-first-signs-of-hurricane-ian-impact-301684256.html<\/a><\/p>\n

SOURCE Black Knight, Inc.<\/p>\n<\/p><\/div>\n

\"\"<\/p>\n","protected":false},"excerpt":{"rendered":"

PR Newswire – Prepayments fell 16.5% to a single-month mortality (SMM) rate of 0.48%, well below the previous record of 0.55% and the lowest recorded since at least 2000 when Black Knight began reporting the metric – The national delinquency rate rose 4.5% in October to 2.91% \u2013 up 12 basis points since September \u2013 driven by a sharp 9.4% rise in 30-day delinquencies – Florida led the jump in new early delinquencies (+19K) \u2013 with the state delinquency rate rising 53 basis points to 3.42% — giving an initial indication of Hurricane Ian impact – Loans 60 days past due ticked up 2.9% nationally, while those 90 or more days delinquent saw continued \u2013 if modest \u2013 improvement, inching … <\/p>\n

Continue reading “Black Knight’s First Look: Prepayment Activity Hit Record Low in October as Rates Topped 7%; Mortgage Delinquencies Up 4.5% in First Signs of Hurricane Ian Impact”<\/span><\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-714331","post","type-post","status-publish","format-standard","hentry"],"yoast_head":"\nBlack Knight's First Look: Prepayment Activity Hit Record Low in October as Rates Topped 7%; Mortgage Delinquencies Up 4.5% in First Signs of Hurricane Ian Impact - Market Newsdesk<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.marketnewsdesk.com\/index.php\/black-knights-first-look-prepayment-activity-hit-record-low-in-october-as-rates-topped-7-mortgage-delinquencies-up-4-5-in-first-signs-of-hurricane-ian-impact\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Black Knight's First Look: Prepayment Activity Hit Record Low in October as Rates Topped 7%; Mortgage Delinquencies Up 4.5% in First Signs of Hurricane Ian Impact - Market Newsdesk\" \/>\n<meta property=\"og:description\" content=\"PR Newswire – Prepayments fell 16.5% to a single-month mortality (SMM) rate of 0.48%, well below the previous record of 0.55% and the lowest recorded since at least 2000 when Black Knight began reporting the metric – The national delinquency rate rose 4.5% in October to 2.91% \u2013 up 12 basis points since September \u2013 driven by a sharp 9.4% rise in 30-day delinquencies – Florida led the jump in new early delinquencies (+19K) \u2013 with the state delinquency rate rising 53 basis points to 3.42% — giving an initial indication of Hurricane Ian impact – Loans 60 days past due ticked up 2.9% nationally, while those 90 or more days delinquent saw continued \u2013 if modest \u2013 improvement, inching … Continue reading "Black Knight’s First Look: Prepayment Activity Hit Record Low in October as Rates Topped 7%; Mortgage Delinquencies Up 4.5% in First Signs of Hurricane Ian Impact"\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.marketnewsdesk.com\/index.php\/black-knights-first-look-prepayment-activity-hit-record-low-in-october-as-rates-topped-7-mortgage-delinquencies-up-4-5-in-first-signs-of-hurricane-ian-impact\/\" \/>\n<meta property=\"og:site_name\" content=\"Market Newsdesk\" \/>\n<meta property=\"article:published_time\" content=\"2022-11-22T14:09:20+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/mma.prnewswire.com\/media\/709994\/Black_Knight_Logo.jpg\" \/>\n<meta name=\"author\" content=\"Newsdesk\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Newsdesk\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/black-knights-first-look-prepayment-activity-hit-record-low-in-october-as-rates-topped-7-mortgage-delinquencies-up-4-5-in-first-signs-of-hurricane-ian-impact\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/black-knights-first-look-prepayment-activity-hit-record-low-in-october-as-rates-topped-7-mortgage-delinquencies-up-4-5-in-first-signs-of-hurricane-ian-impact\\\/\"},\"author\":{\"name\":\"Newsdesk\",\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/#\\\/schema\\\/person\\\/482f27a394d4fda80ecb5499e519d979\"},\"headline\":\"Black Knight’s First Look: Prepayment Activity Hit Record Low in October as Rates Topped 7%; 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