First Look At February 2023 Mortgage Data

• The national mortgage delinquency rate increased 7 basis points in February to 3.45%, but remains down 12.6% year over year
• 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
• A 36K rise in overall delinquencies was driven by a nearly 65K increase in those just a single payment behind, while 60-day delinquencies fell by nearly 12K (-4.0%) and 90-day delinquencies fell by 17K (-3.0%)
• 45 states saw their serious delinquency volumes (90+ days past due) improve in February
• Foreclosure starts decreased by 9% in the month to 29K, 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 (+2K) in the month, and is up 34K (+15%) from February 2022 despite remaining 15% below its pre-pandemic level
• February saw 7.1K foreclosure sales (completions) nationally, up 2.5% from the month prior

JACKSONVILLE, Fla. – March 23, 2023 – Black Knight, Inc. (NYSE:BKI) reports the following “first look” at February 2023 month-end mortgage performance statistics derived from its loan-level database representing the majority of the national mortgage market.

*Non-current totals combine foreclosures and delinquencies as a percent of active loans in that state.

Notes:

• Totals are extrapolated based on Black Knight’s loan-level database of mortgage assets.
• All whole numbers are rounded to the nearest thousand, except foreclosure starts, which are rounded to the nearest hundred.

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 April 3, 2023.

For more information about these updates, please read our blog post on the subject. For more information about gaining access to Black Knight’s loan-level database, please send an email to Mortgage.Monitor@bkfs.com.

About Black Knight

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 serving their customers. For more information on Black Knight, please visit www.blackknightinc.com.