Black Knight's First Look: Past-Due Mortgages Fall to Third Consecutive Record Low in May; Serious Delinquencies, Foreclosure Starts See Continued Improvement

• The national delinquency rate fell five basis points from April to 2.75% in May, continuing the downward trend in overall delinquencies of the prior two months and marking yet another new low
• Following typical seasonal patterns, early-stage delinquencies - borrowers who have missed a single mortgage payment - edged marginally higher (+0.2%) month over month
• While serious delinquencies saw strong improvement – falling 7% from April – the population of such loans (those 90 or more days past due but not yet in foreclosure) remains 45% above pre-pandemic levels
• Despite elevated serious delinquency levels, foreclosure starts dropped 12% from April and continue to hold well below pre-pandemic levels while active foreclosures edged slightly higher
• Prepayment activity fell by 11.1% from the prior month and is now down 59.1% year over year on sharply higher interest rates

JACKSONVILLE, Fla., June 24, 2022 /PRNewswire/ -- Black Knight, Inc. (NYSE:BKI) reports the following "first look" at May 2022 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): 2.75%
Month-over-month change: -1.93%
Year-over-year change: -41.96%

Total U.S. foreclosure pre-sale inventory rate: 0.33%
Month-over-month change: 1.03%
Year-over-year change: 17.55%

Total U.S. foreclosure starts: 18,800        
Month-over-month change: -12.15%
Year-over-year change: 394.74%

Monthly prepayment rate (SMM): 0.88%
Month-over-month change: -11.13%
Year-over-year change: -59.16%

Foreclosure sales as % of 90+: 0.50%
Month-over-month change: 8.61%
Year-over-year change: 305.57%

Number of properties that are 30 or more days past due, but not in foreclosure: 1,461,000
Month-over-month change: -35,000
Year-over-year change: -1,050,000

Number of properties that are 90 or more days past due, but not in foreclosure: 595,000
Month-over-month change: -45,000
Year-over-year change: -1,074,000

Number of properties in foreclosure pre-sale inventory: 174,000
Month-over-month change: 1,000
Year-over-year change: 26,000

Number of properties that are 30 or more days past due or in foreclosure: 1,635,000
Month-over-month change: -34,000
Year-over-year change: -1,024,000

*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 July 6, 2022. For more information about gaining access to Black Knight's loan-level database, please send an email to [email protected].

Black 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.

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SOURCE Black Knight, Inc.