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For Loan Performance, Good News Across the Board

Monday, May 3, 2021

Black Knight's "first look" at March loan performance data explored the somewhat traditional dip in delinquencies each March due to calendar events like the arrival of tax refunds and the decline of winter utility bills. That was amplified this past March by a rebounding economy and labor market, low interest rates, $378 billion in stimulus payments, and that, for the first time since December, a month that did not end on a Sunday. Only 217,000 mortgages that were current in February became 30 days past due in March, the lowest transition rate on record, and some 671K previously delinquent mortgages cured during the month, making it a "top 5" month of the past decade in that respect as well. Thus, the delinquency rate dropped 16.4 percent to 5.02 percent, the largest monthly decline in 11 years.



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