Estimated reading time: 0 minutes, 57 seconds

Prepayments Rebound from All-Time Low: Black Knight

Prepayment activity (SMM) inched up to 0.35%, breaking a four-month streak of record lows, with relief likely to extend as the spring homebuying season takes hold, according to Black Knight.

Black KnightThe findings are part of Black Knight's "first look" at its February mortgage data. Other highlights from the findings include:

  • A 36,000 rise in overall delinquencies was driven by a nearly 65,000 increase in those just a single payment behind, while 60-day delinquencies fell by nearly 12,000 (-4.0%) and 90-day delinquencies fell by 17,000 (-3.0%)
  • The national mortgage delinquency rate increased 7 basis points in February to 3.45%, but remains down 12.6% year over year
  • 45 states saw their serious delinquency volumes (90+ days past due) improve in February
  • Foreclosure starts decreased by 9% in the month to 29,000, breaking a streak of increases, with starts remaining 19% below pre-pandemic levels
  • Foreclosure starts equated to 5.1% of serious delinquencies in February, down from January and still 25% below the start rate seen in February 2020 prior to the pandemic
  • Active foreclosure inventory rose marginally (+2,000) in the month, and is up 34,000 (+15%) from February 2022 despite remaining 15% below its pre-pandemic level
  • February saw 7,1001 foreclosure sales (completions) nationally, up 2.5% from the month prior

Access more reports from Black Knight here. 

Read 125 times
Rate this item
(0 votes)


PMG360 is committed to protecting the privacy of the personal data we collect from our subscribers/agents/customers/exhibitors and sponsors. On May 25th, the European's GDPR policy will be enforced. Nothing is changing about your current settings or how your information is processed, however, we have made a few changes. We have updated our Privacy Policy and Cookie Policy to make it easier for you to understand what information we collect, how and why we collect it.