Loan Pay-Offs Hit Three-Year Low

Posted To: MND NewsWire

As further evidence that the era of refinancing is ending, Black Knight Financial Services says that prepayment speeds (the SSM rate), historically a good indicator of refinancing , declined 15 percent in February. In its regular “first look” at mortgage performance activity for the month, the company says that this is the lowest monthly rate for prepayments in three years, and brings the total decline thus far in 2017 to 40 percent. Delinquency rates continued their seasonal decline, ticking down .98 percent from January. The rate at the end of February was 4.21 percent, down 5.51 percent year-over-year with 2.135 million loans 30 or more days past due but not yet in foreclosure. Of those delinquent loans, 641,000 were seriously delinquent, that is 90 or more days past due but not in foreclosure…(read more)

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Source: Mortgage News Daily

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