Black Knight’s First Look at August 2022 Mortgage Data
Industry Update
September 23, 2022
Source: Black Knight Inc.
Black Knight, Inc. reports the following “first look” at August 2022 month-end mortgage performance statistics derived from its loan-level database representing the majority of the national mortgage market.
The national delinquency rate fell 3.6% in August to 2.79%, just 4 basis points above May 2022’s record low.
Improvement was broad-based, with the number of borrowers a single payment past due falling by 4% and those 90 or more days delinquent down 4.5%.
After dropping steadily over recent months, cure activity also improved in August, with 62K seriously delinquent loans curing to current status, up from 58K in July.
The month’s 20.3K foreclosure starts represent a 15% jump in activity from July, but remain 44% below August 2019 levels.
Likewise, starts were initiated on 3.4% of serious delinquencies; up slightly from July but still less than half the rate seen in the years leading up to the pandemic.
Prepays (SMM) edged up 1.5% for the month, due to calendar-related effects, but are still down by 69% year-over-year as rising rates continue to put downward pressure on both purchase and refinance lending.
For full report, please click the source link above.