BLACK KNIGHT’S FIRST LOOK AT FEBRUARY 2021 MORTGAGE DATA

Mortgage Delinquencies Rise for the First Time in Nine Months; Increase Largely Calendar-Driven but Bears Watching

  • After eight consecutive months of improvement, the national mortgage delinquency rate rose in February from 5.85% to 6.0%
  • The rise was largely calendar-related, as February is both a short month and ended on a Sunday – cutting the days on which payments can be processed – which has historically impacted performance metrics
  • Delinquency rate increases were seen broadly across portfolios, geographies and asset classes
    The increase was primarily seen in early-stage delinquencies, while the number of loans 90 or more days past due but not yet in foreclosure (including those in active forbearance) saw a modest decline
  • Prepayment activity edged upward in February as well, but recent 30-year interest rate increases are likely to put downward pressure on prepayment rates in the coming months
  • Both foreclosure starts and active foreclosure inventory again hit new record lows, as recently extended foreclosure moratoriums continue to suppress activity.

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