The delinquency rate nationwide dropped to 2.80% in April, as overall delinquencies fell almost 40% YOY, according to Black Knight’s “first look” at its April 2022 month-end mortgage performance stats. The numbers reflect the mortgage market’s continued recovery from pandemic impacts. Prepayment activity dropped 19.1% from March and is down 61.8% YOY due to rapidly increasing interest rates. Rates averaged 5.25% last week. The number of borrowers who are a single payment overdue rose 7.9% month-over-month, which Black Knight says is typical of the season. That increase was offset by improvements among more seriously delinquent borrowers. The volume of borrowers three or more months past due fell by 8% from the month prior. Serious delinquencies are down between 6% and…
The number of loans in forbearance fell 11% in April from 1.05% of servicers’ portfolio volume to 0.94%, according to the Mortgage Bankers Association’s (MBA) Loan Monitoring Survey. MBA now estimates that 470,000 homeowners remain in forbearance plans. Of Fannie and Freddie loans, the number in forbearance dropped 6 basis points to 0.43%. Ginnie Mae loans saw an 11 basis point drop to 1.49%, while PLS and portfolio loans saw a 29 point decline to 2.15%. “With the number of borrowers in forbearance decreasing to less than half a million, the pace of monthly forbearance exits reached its lowest level since MBA started tracking exits in June 2020,” said Marina Walsh, CMB, MBA’s Vice President of Industry Analysis. “Servicers are…
In its last weekly report, Black Knight found forbearances largely holding steady in a “typical” pattern for the end of the month. Overall, forbearances rose by 2,300 plans last week. Loans held by portfolios and PSLs increased by 7,300 (+3.5%), though this was tempered by decreases for GSE loans (-1.2%, 2,400) and FHA/VA (-1.1%, 2,700). Plan volume is down 54,700 (-7.3%) month-over-month. Some 78,000 plans are up for review in early May, the next time Black Knight expects to see significant improvement. One-third should expire. Overall, U.S. homeowners are in a good position to come out of forbearance strong. In January, delinquencies dropped to their lowest rate since at least January 1999 thanks to home price appreciation and the strong…
Good Morning! Today is Wednesday, October 6. Some Democrats propose changing the filibuster to bypass fighting about the debt limit. Johnson & Johnson asked the FDA to approve its Covid-19 booster shot. The Justice Department is reviewing its decision not to prosecute the FBI agents who disregarded allegations about Larry Nassar and later lied about their actions.And in mortgage and housing news… Loan Applications Plummet: Mortgage loan application volume fell 6.9% last week to a three-month low, according to the MBA’s most recent survey. Black Knight: Huge equity increases for homeowners might not be enough to prevent foreclosures, according to Black Knight’s latest Mortgage Monitor Report. Price Growth Breaks Record: Annual home price growth hit its highest point in the…
