Calendar Colludes; Delinquencies Spike by Most in Nine Years

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Posted To: MND NewsWire

While Black Knight Financial Services maintains it was a function of seasonality, mortgage delinquencies increased in April by the largest percentage in nine years . The company, in its “first look” at the month’s loan performance data, said the number of borrowers who were one or more months past due on their first mortgage, grew by 241,000 compared to March, an increase of 12.93 percent. The increase was largely isolated to early stage delinquencies. Much of the surge, the largest for any month since November 2008, appears related to two calendar anomalies; the month ended on a Sunday, meaning some payments made late in the month may not have been posted, and March typically has the lowest delinquency rate of the year, making an increase in April almost inevitable. Black Knight has said elsewhere…(read more)

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