MGIC Investment Corp. (MTG)

[tommiegun54]

BLACK KNIGHT: DELINQUENCY RATES DECLINE IN OCTOBER

MORTGAGE NEWS DAILY
NOVEMBER 27, 2018

Mortgage delinquencies spiked in the September "first look" report from Black Knight, but that was followed by a swift reversal in October. The company's latest report notes a sharp decline in early stage delinquencies and a downturn in serious ones as well.

Loans that were more than 30 days past due but not in foreclosure fell 8.2 percent month-over-month and were nearly 18 percent lower than in October 2017. This translates into 165,000 fewer delinquencies than in September and an improvement of 378,000 year-over-year. These changes leave 1.884 million loans in the national non-current bucket. Serious delinquencies were down as well. Within the total number of loans that are overdue just shy of a half million are 90 days delinquent but not in foreclosure, a 12-year low. This is down by 14,000 from September and 90,000 from a year earlier.

Black Knight attributes at least some of the improved loan performance data to continued improvement among hurricane-related delinquencies associated with Harvey and Irma. Yet to be determined are the effects of this fall's hurricanes Florence and Michael as well as from the California.