First Look At may 2023 Mortgage Data
Past-Due Mortgages Approach Recent Record Lows as Serious Delinquencies Continue Improvement; Prepayments See Seasonal Rise
- Reversing much of April’s calendar-driven spike, the national delinquency rate fell 11 basis points (bps) in May to hit 3.10% – the lowest it’s been other than March 2023’s record of 2.92%
- The number of borrowers a single payment past due improved by 94K (-9.5%), erasing nearly half of the prior month’s increase
- Serious delinquencies (loans 90 or more days past due) continued to improve nationally – falling by 18K (-3.7%) from April, putting this loan population down more than 200K (nearly 30%) since May 2022
- Though foreclosure starts increased to 25.4K for the month (+2.2%), they remain near April’s 6-month low and 41% below the same period in 2019, the last comparable May before the pandemic
- Foreclosure actions were started on 5.1% of serious delinquencies in May, up only marginally from April and still more than a full percentage point below the March 2020 rate at the start of the pandemic
- The number of loans in active foreclosure improved by 4K during the month and is now down 41K (-15%) from March 2020, with foreclosure sales (completions) rising 5.5% from April to 6.8K
- Prepayment activity rose to a 0.54% single-month mortality (SMM) rate – the highest level seen since September 2022, despite interest rates in the 6.7% range – but is still down 40% from May 2022
JACKSONVILLE, Fla. – June 23, 2023 – Black Knight, Inc. (NYSE:BKI) reports the following “first look” at May 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.
- 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 and sales, 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 July 10, 2023.
For more information about gaining access to Black Knight’s loan-level database, please send an email to Mortgage.Monitor@bkfs.com.
About Intercontinental Exchange
Intercontinental Exchange, Inc. (NYSE: ICE) is a Fortune 500 company that designs, builds and operates digital networks that connect people to opportunity. We provide financial technology and data services across major asset classes helping our customers access mission-critical workflow tools that increase transparency and efficiency. ICE’s futures, equity, and options exchanges – including the New York Stock Exchange – and clearing houses help people invest, raise capital and manage risk. We offer some of the world’s largest markets to trade and clear energy and environmental products. Our fixed income, data services and execution capabilities provide information, analytics and platforms that help our customers streamline processes and capitalize on opportunities. At ICE Mortgage Technology, we are transforming U.S. housing finance, from initial consumer engagement through loan production, closing, registration and the long-term servicing relationship. Together, ICE transforms, streamlines and automates industries to connect our customers to opportunity.
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