Black Knight: Prepayment Speeds Fell To Lowest Rate In Three Years

Posted by Patrick Barnard on March 24, 2017 No Comments
Categories : Mortgage Servicing

Prepayment speeds decreased 15% in February compared with January and decreased 40% compared with February 2016, according to Black Knight Financial Services’ First Look report.

Driven down by rising interest rates and lower refinance activity, it was the lowest monthly prepayment rate in three years, according to the mortgage software and analytics firm.

The mortgage delinquency rate in February was 4.21%, down 0.98% compared with January and down 5.51% compared with February 2016.

About 2.135 million mortgages were delinquent (30 days or more past due) as of the end of the month – a decrease of 27,000 compared with January and a decrease of 117,000 compared with February 2016.

About 641,000 mortgages were seriously delinquent (90 days or more past due) – a decrease of 23,000 compared with the previous month and a decrease of 131,000 compared with a year earlier.

The presale foreclosure inventory rate was about 0.93%, down 1.88% compared with January and down 28.48% compared with February 2016.

As of the end of February, there were about 470,000 homes in the foreclosure presale inventory – a decrease of about 11,000 compared with the previous month and a decrease of about 185,000 compared with a year earlier.

There were about 57,900 foreclosure starts in February – a decrease of 18% compared with the previous month and a decrease of 31% from a year earlier.

Register here to receive our Latest Headlines email newsletter




Leave a Comment