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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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