Tag Archives: Black Knight Financial Services

In Q1 2015, Black Knight found that about 15 percent of seriously delinquent mortgage loans participated in a home retention program each month, while nearly 20 percent of serious delinquent borrowers were actively in an active trial mod or repayment plan at the end of April. Home retention actions included permanent proprietary mods and permanent mods through the government's Home Affordable Modification Program (HAMP).

In fact, the industry discovered that simply analyzing data from the CFPB is not enough, especially since the database arrives with its own built-in bias—that bias being the very nature of the database itself. It collects complaints, not praises, and ignores the larger universe of loans serviced nationwide. To fill the void of well-rounded data, Black Knight Financial Services and the Five Star Institute jumped into the missing space and used data from the CFPB database and its own analytics to inform its latest white paper on CFPB complaints. This select print feature originally appeared in the May 2015 issue of DS News magazine.

Meanwhile, foreclosure inventory – the total number of mortgage loans in some state of foreclosure – continued its decline toward pre-crisis levels in April by falling 25.5 percent year-over-year down to 1.51 percent, about 764,000 properties. It is the lowest level for foreclosure inventory since January 2008 right at the beginning of the recessi

Black Knight debuted the IPO at the NYSE Wednesday morning at $24.50 per share, a total of $441 million, according to a press release from the company on Tuesday. By the time trading closed at 4 p.m. eastern time Wednesday, the price of the stocks had increased by more than 10 percent up to $27.11 per share, according to the NYSE website.

The data showed that modification, collection, and foreclosure-related complaints were falling at an even fast rate than the number of non-current loans over that same period. In Q1 2013, the number of such complaints were received by the Bureau totaled 10,047; for the fourth quarter of 2014, that number was 4,741, a decline of 53 percent–compared to the 27 percent decline for non-current loan inventory.

The number of residential mortgage borrowers in a negative equity position during January 2015 was reported at slightly more than four million, which is a decline of 29 percent from the same period in 2014, according to Black Knight's March 2015 Mortgage Monitor released Monday.

The delinquency rate (percentage of residential mortgage loans 30 days or more past due but not in foreclosure) dropped to 4.70 percent for March (approximately 2.38 million loans), the first time the rate has been below 5 percent since August 2007. The rate fell by 12 percent since February, the largest month-over-month decline in nine years.

Foreclosure starts dropped off by 15 percent according to Black Knight Financial Services' February 2015 Mortgage Monitor released earlier this week, almost reversing the spike they experienced in January – indicating that foreclosure starts may be leveling off and even nearing pre-recession numbers.

"We have less than one basis point, 0.73 complaints per loan in Q1 of 2013 and while we did see a slight rise through Q4 2014 it’s really insignificant," said Dori Daganhardt, VP of Product Marketing, Data, and Analytics Division with Black Knight, and the author of the white paper. "It doesn’t suggest that we get an A plus as an industry on managing the complaints related to performing loans, but I think it does suggest that there is more discovery that can be done.

Distressed sales (short sales and REO property transactions) accounted for just 12.7 percent of residential real estate transactions nationwide in 2014, the lowest share since 2007, according to Black Knight's February 2015 Mortgage Monitor released today.