PR Newswire | Nov 22, 2021 11:57AM EST

Improvement; Foreclosure Activity Remains Muted Even As Forbearance Exits Mount

11/22 10:56 CST

Black Knight's First Look: Mortgage Delinquencies Continue Slow and Steady Improvement; Foreclosure Activity Remains Muted Even As Forbearance Exits Mount- The national delinquency rate continued its trend of slow but sustained improvement, falling another 4.25% to 3.74% at the end of October- A decline of 82,000 in the number of loans 30 or more days past due brought the total number of such loans below 2 million for the first time since the run-up early on in the pandemic- Serious delinquencies -- those 90 or more days past due -- saw a greater than 10% decline (-127,000) as the first wave of forbearance entrants reached the end of their terms and returned to making payments- With the majority of plan exits in recent weeks still working through loss mitigation options with their servicers, further improvement in serious delinquency rates is expected in coming months- Despite nearly 700,000 more seriously delinquent mortgages (including those in active forbearance plans) than prior to the pandemic, foreclosure activity continues to remain extremely limited- Foreclosure starts edged upward by a modest 2.6% in October, as servicers continue to work through loss mitigation options with homeowners still struggling to return to making mortgage payments- The 4000 foreclosure starts seen in October are more than 90% below 2019 levels and, despite a rise of 3,000 for the month, active foreclosure inventory remains near an all-time low JACKSONVILLE, Fla., Nov. 22, 2021

JACKSONVILLE, Fla., Nov. 22, 2021 /PRNewswire/ -- Black Knight, Inc. (NYSE:BKI) reports the following "first look" at October 2021 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): 3.74% Month-over-month change: -4.25% Year-over-year change: -41.90%

Total U.S. foreclosure pre-sale inventory rate: 0.26% Month-over-month change: 2.16% Year-over-year change: -22.03%

Total U.S. foreclosure starts: 4,000 Month-over-month change: 2.56% Year-over-year change: -14.89%

Monthly prepayment rate (SMM): 1.95% Month-over-month change: -9.18% Year-over-year change: -38.34%

Foreclosure sales as % of 90+: 0.27% Month-over-month change: -8.93% Year-over-year change: 297.89%

Number of properties that are 30 or more days past due, but not in foreclosure: 1,986,000 Month-over-month change: -82,000 Year-over-year change: -1,451,000

Number of properties that are 90 or more days past due, but not in foreclosure: 1,106,000 Month-over-month change: -127,000 Year-over-year change: -1,153,000

Number of properties in foreclosure pre-sale inventory: 138,000 Month-over-month change: 3,000 Year-over-year change: -40,000

Number of properties that are 30 or more days past due or in foreclosure: 2,125,000 Month-over-month change: -78,000 Year-over-year change: -1,491,000

Top 5 States by Non-Current* Percentage

Louisiana: 8.74%

Mississippi: 7.52%

West Virginia: 5.76%

Oklahoma: 5.64%

Alabama: 5.60%

Bottom 5 States by Non-Current* Percentage

Utah: 2.42%

California: 2.42%

Washington: 2.31%

Colorado: 2.30%

Idaho: 2. 05%

Top 5 States by 90+ Days Delinquent Percentage

Mississippi: 3.86%

Louisiana: 3.74%

Maryland: 2.94%

Alaska: 2.91%

Oklahoma: 2.88%

Top 5 States by 6-Month Improvement in Non-Current* Percentage

Hawaii: -47.17%

Nevada: -35.14%

California: -32.76%

Florida: -25.13%

New Jersey: -24.28%

Top 5 States by 6-Month Deterioration in Non-Current* Percentage

Louisiana: 11.13%

Iowa: -5.05%

Alabama: -6.19%

West Virginia: -7.04%

Mississippi: -8.76%

*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's 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.

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/ by Monday, Dec. 6, 2021.

For more information about gaining access to Black Knight's loan-level database, please send an email to Mortgage.Monitor@bkfs.com.

About Black KnightBlack 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.

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 www.blackknightinc.com.

For more information:

Michelle Kersch Mitch Cohen

904.854.5043 704.890.8158

michelle.kersch@bkfs.com mitch.cohen@bkfs.com

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SOURCE Black Knight, Inc.