ICE First Look at Mortgage Performance: Serious Delinquencies at Lowest Since Mid-2006 as Foreclosures Drop, Prepayments Rise

• The national delinquency rate ticked down 14 basis points (bps) to 3.20% in March, holding 27 bps higher than the record low in March 2023

• Historically, delinquencies fall an average -10.4% in March; conversely, months that end on Sundays – e.g., March 2024 – experience an average, if mostly temporary, upward pull of +6.9%

• Only the third such convergence in the last two decades, this March’s 4.2% drop in the delinquency rate is in line with the previous cases in which March ended on a Sunday

• Serious delinquencies (loans 90+ days past due but not in active foreclosure) dropped 24K (-5.2%) from February to hit their lowest level since June 2006

• March saw less inflow of past-due payments as well as fewer rolls to later stages of delinquency, with total cures up 9% as early-, mid- and late-stage delinquencies all saw improvement

• Even accounting for the 5.3% month-over-month rise in foreclosure starts, the month’s 26K starts was still below the average for the past 12 months

• The number of loans in active foreclosure fell to 205K in March – the fewest since January 2022 and still 28% below (-77K) pre-pandemic levels – with 5.8K foreclosures completed in the month

• Prepayment activity rose to its highest level in seven months driven by the lower rate environment of January and early February combined the start of the spring homebuying season

Intercontinental Exchange, Inc. (NYSE:ICE), a leading global provider of technology and data, reports the following “first look” at March 2024 month-end mortgage performance statistics derived from its loan-level database representing the majority of the national mortgage market.

The company will provide a more in-depth review of this data in its monthly Mortgage Monitor report, which includes an analysis of data supplemented by detailed charts and graphs that reflect trend and point-in-time observations. The Mortgage Monitor report will be available online at https://www.icemortgagetechnology.com/resources/data-reports by May 6, 2024.

For more information about gaining access to ICE’s loan-level database, please send an email to Mortgage.Monitor@bkfs.com.

About Intercontinental Exchange

Intercontinental Exchange, Inc. (NYSE: ICE) is a Fortune 500 company that designs, builds and operates digital networks that connect people to opportunity. We provide financial technology and data services across major asset classes helping our customers access mission-critical workflow tools that increase transparency and efficiency. ICE’s futures, equity, and options exchanges – including the New York Stock Exchange – and clearing houses help people invest, raise capital and manage risk. We offer some of the world’s largest markets to trade and clear energy and environmental products. Our fixed income, data services and execution capabilities provide information, analytics and platforms that help our customers streamline processes and capitalize on opportunities. At ICE Mortgage Technology, we are transforming U.S. housing finance, from initial consumer engagement through loan production, closing, registration and the long-term servicing relationship. Together, ICE transforms, streamlines and automates industries to connect our customers to opportunity.

Trademarks of ICE and/or its affiliates include Intercontinental Exchange, ICE, ICE block design, NYSE and New York Stock Exchange. Information regarding additional trademarks and intellectual property rights of Intercontinental Exchange, Inc. and/or its affiliates is located here. Key Information Documents for certain products covered by the EU Packaged Retail and Insurance-based Investment Products Regulation can be accessed on the relevant exchange website under the heading “Key Information Documents (KIDS).”

Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995 – Statements in this press release regarding ICE's business that are not historical facts are "forward-looking statements" that involve risks and uncertainties. For a discussion of additional risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements, see ICE's Securities and Exchange Commission (SEC) filings, including, but not limited to, the risk factors in ICE's Annual Report on Form 10-K for the year ended December 31, 2023, as filed with the SEC on February 8, 2024.

Category: Mortgage Technology

ICE-CORP

Source: Intercontinental Exchange

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