Prepayment speeds have fallen 40 per cent so far in 2017 and were down 15 per cent last month, the lowest monthly rate in three years.
A first look at data from Black Knight Financial’s loan database for February also reveals that foreclosure starts were down 18 per cent month-over-month and were 31 per cent down from a year earlier. Active foreclosure inventory is 470,000, the lowest since 2007.
The top 5 states by non-current percentage were Mississippi, Louisiana, Alabama, West Virginia and New Jersey. The bottom 5 were Idaho, Montana, Minnesota, Colorado and North Dakota.