Black Knight: Prepayment Speeds Bounced Back In March

Posted by Patrick Barnard on April 21, 2017 No Comments
Categories : Residential Mortgage

The mortgage delinquency rate in March was 3.62%, down 14.08% compared with February and down 11.40% to reach the lowest level in 11 years, according to Black Knight’s First Look mortgage report.

About 1.8 million properties were 30 days or more past due as of the end of the month – a decrease of 304,000 compared with February and a decrease of 231,000 compared with March 2016, according to the mortgage software firm’s estimates.

About 589,000 properties were seriously delinquent, or 90 days or more past due – a decrease of 52,000 compared with February and a decrease of 144,000 compared with a year earlier.

The total presale foreclosure inventory rate was 0.88%, down 4.60% compared with the previous month and down 29.15% compared with a year earlier.

As of the end of March, there were about 448,000 properties in the foreclosure inventory – down 22,000 compared with February and down 183,000 compared with March 2016.

The monthly prepayment rate increased to 0.96%, up 20.03% compared with February but down 25.98% compared with a year earlier. This increase follows a three-year low in February.

About 60,300 foreclosure starts commenced in March – an increase of 4.15% compared with February but a decrease of 17.17% compared with March 2016.

Looking at the first quarter, about 189,000 foreclosure starts were commenced – a decrease of 18% compared with the first quarter of 2016.

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