Black Knight: Delinquency Rate Jumped Again In September

The national delinquency rate rose for the second consecutive month in September, according to Black Knight Financial Services' First Look Mortgage Report.

Loans that are 30 or more days past due but not in foreclosure reached 4.87%, an increase of 1.70% compared with August but down 13.94% compared with September 2014.

About 2.457 million properties were delinquent – an increase of about 44,000 compared with August but down about 392,000 compared with September 2014.

Serious delinquencies, properties that are 90 or more days past due, were down. There were about 817,000 properties in serious delinquency in September – down about 8,000 compared with August and down about 273,000 compared with September 2014.

There were about 79,900 foreclosure starts in September – an increase of 4.86% compared with August but a decrease of 16.25% compared with September 2014.

The foreclosure presale inventory rate was 1.46%, a decrease of 1.53% compared with August and a decrease of 22.64% compared with September 2014.

Prepayment activity – historically a good indicator of refinance activity – continues to slow, falling to just under 1.75% to a single month mortality rate of 1.07% in September.

Black Knight notes that its loan-level database has changed somewhat due to an expansion in the number of contributors, making for an even larger loan-level representation of the U.S. mortgage market. In addition, the firm made some improvements in how the database records jumbo loans. As a result, the firm had to recalibrate its database in order for it to accurately reflect the historical data.


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