ICE First Look at Mortgage Performance: Delinquencies Improve and Foreclosures Drop as Prepayments Rise Modestly
March 21 2024 - 8:00AM
Business Wire
- The national delinquency rate eased to 3.34% in February, down
4 basis points (bps) from the month before and 11 bps lower than in
February 2023
- While the number of borrowers one payment behind rose modestly
by 10K, those 60 days late as well as those 90 or more days past
due both fell to their lowest levels in three months
- Delinquency inflows rose 6.5% from January’s eight-month low,
while rolls to later stages continued their recent improvement
- Serious delinquencies (loans 90+ days past due but not in
active foreclosure) are down 103K (-18%) year over year, with the
population now standing at 459K
- Representing 5.3% of serious delinquencies, February’s 25K
foreclosure starts is the second lowest in the last twelve
months
- The number of loans in active foreclosure fell -7K to 211K,
remaining 25% (-72K) below pre-pandemic levels
- 6K foreclosure sales were completed nationally in February, a
9% decrease from the previous month and the second lowest level in
the trailing 12-month period
- Prepayment activity rose 3 bps in February to a level not seen
since October, as a brief dip in rates heading into the month
provided a modest increase in refinance incentive
Intercontinental Exchange, Inc. (NYSE:ICE), a leading global
provider of technology and data, reports the following “first look”
at February 2024 month-end mortgage performance statistics derived
from its loan-level database representing the majority of the
national mortgage market.
Data as of Feb. 29, 2024
Total U.S. loan delinquency rate (loans 30 or more days past
due, but not in foreclosure): 3.34% Month-over-month change: -1.29%
Year-over-year change: -3.24%
Total U.S. foreclosure pre-sale inventory rate: 0.40%
Month-over-month change: -3.49% Year-over-year change: -13.22%
Total U.S. foreclosure starts: 25,000 Month-over-month change
-27.67% Year-over-year change: -16.15%
Monthly prepayment rate (SMM): 0.42% Month-over-month change:
6.26% Year-over-year change: 20.05%
Foreclosure sales: 6,000 Month-over-month change: -9.50%
Year-over-year change: -15.82%
Number of properties that are 30 or more days past due, but not
in foreclosure: 1,782,000 Month-over-month change: -21,000
Year-over-year change: -29,000
Number of properties that are 90 or more days past due, but not
in foreclosure: 459,000 Month-over-month change: -11,000
Year-over-year change: -103,000
Number of properties in foreclosure pre-sale inventory: 211,000
Month-over-month change: -7,000 Year-over-year change: -28,000
Number of properties that are 30 or more days past due or in
foreclosure: 1,993,000 Month-over-month change: -28,000
Year-over-year change: -57,000
Top 5 States by Non-Current* Percentage
Mississippi:
7.87%
Louisiana:
7.72%
Alabama:
5.79%
Arkansas:
5.15%
Indiana:
5.11%
Bottom 5 States by Non-Current* Percentage
Montana:
2.22%
California:
2.21%
Idaho:
2.14%
Washington:
2.06%
Colorado:
2.01%
Top 5 States by 90+ Days Delinquent Percentage
Mississippi:
2.10%
Louisiana:
1.91%
Alabama:
1.53%
Arkansas:
1.30%
Georgia:
1.20%
Top 5 States by 12-Month Change in Non-Current*
Percentage
Wyoming:
-13.37%
Utah:
-11.30%
North Dakota:
-11.24%
Alaska:
-10.68%
New Mexico:
-10.21%
Bottom 5 States by 12-Month Change in Non-Current*
Percentage
South Dakota:
7.27%
Arizona:
6.25%
Tennessee:
1.08%
Louisiana:
0.97%
Washington:
0.30%
*Non-current totals combine foreclosures and delinquencies as a
percent of active loans in that state.
Notes: 1) Totals are extrapolated based on ICE’s McDash
loan-level database of mortgage assets. 2) 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.icemortgagetechnology.com/resources/data-reports by
April 1, 2024.
For more information about gaining access to ICE’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.
Trademarks of ICE and/or its affiliates include Intercontinental
Exchange, ICE, ICE block design, NYSE and New York Stock Exchange.
Information regarding additional trademarks and intellectual
property rights of Intercontinental Exchange, Inc. and/or its
affiliates is located here. Key Information Documents for certain
products covered by the EU Packaged Retail and Insurance-based
Investment Products Regulation can be accessed on the relevant
exchange website under the heading “Key Information Documents
(KIDS).”
Safe Harbor Statement under the Private Securities Litigation
Reform Act of 1995 – Statements in this press release regarding
ICE's business that are not historical facts are "forward-looking
statements" that involve risks and uncertainties. For a discussion
of additional risks and uncertainties, which could cause actual
results to differ from those contained in the forward-looking
statements, see ICE's Securities and Exchange Commission (SEC)
filings, including, but not limited to, the risk factors in ICE's
Annual Report on Form 10-K for the year ended December 31, 2023, as
filed with the SEC on February 8, 2024.
Category: Mortgage Technology
ICE-CORP
Source: Intercontinental Exchange
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version on businesswire.com: https://www.businesswire.com/news/home/20240321322411/en/
ICE Media Contact Mitch Cohen mitch.cohen@bkfs.com
+1 704-890-8158
ICE Investor Contact: Katia Gonzalez
katia.gonzalez@ice.com +1 (678) 981-3882
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