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February's Shortened Calendar Likely Responsible for Delinquency Increase
Tuesday, March 23, 2021
Mortgage delinquency rates rose in
February, ending eight straight months of recovery from the spike that followed
the onset of the pandemic. Black Knight, in its first look at February loan
performance data, said the national mortgage delinquency rate, the percentage
of all mortgages that were 30 days or more past due, grew to 6.0 percent from
January's 5.85 percent rate. Delinquency numbers include loans in both
forbearance and foreclosure. The increase was primarily seen in early-stage
delinquencies, while the number of loans 90 or more days past due saw a modest decline. The company said such upticks are
not unusual in months that end on a Sunday, cutting the days in which payment's
can be processed. Given that it was also the year's shortest month, the calendar
may account for much of the increase.
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