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10 Journal PREPAYMENT ACTIVITY FALLS TO 20-YEAR LOWS According to Black Knight's "first look" at September 2022 month-end mortgage performance data, prepayment activity dropped by 14.9% to a single-month mortality rate of 0.57% over the course of the month, now at its lowest level since November 2000. In addition, the national delinquency rate inched down by two-tenths of a percentage point from August to 2.78%, just north of the record low set in May 2022, as the bulk of past-due mortgages held relatively steady. e number of borrowers who are behind by a single payment rose by 1%, while those 90-days past due fell 1.5%, and foreclosure starts fell 9% from August to 18,400 starts, a number now 53% below pre-pandemic levels. Total U.S. loan delinquency rate (loans 30 or more days past due, but not in foreclosure): 2.78% » Month-over-month change: -0.18% » Year-over-year change: -28.78% Total U.S. foreclosure pre-sale inventory rate: 0.35% » Month-over-month change: 0.04% » Year-over-year change: 35.52% Total U.S. foreclosure starts: 18,400 » Month-over-month change: -9.36% » Year-over-year change: 371.79% Monthly prepayment rate (SMM): 0.57% » Month-over-month change: -14.89% » Year-over-year change: -73.33% Foreclosure sales as % of 90+: 0.60% » Month-over-month change: 11.96% » Year-over-year change: 100.62% Number of properties that are 30 or more days past due, but not in foreclosure: 1,491,000 » Month-over-month change: 2,000 » Year-over-year change: -577,000 Number of properties that are 90 or more days past due, but not in foreclosure: 558,000 » Month-over-month change: -9,000 » Year-over-year change: -675,000 Number of properties in foreclosure pre-sale inventory: 185,000 » Month-over-month change: 0 » Year-over-year change: 50,000 Number of properties that are 30 or more days past due or in foreclosure: 1,677,000 » Month-over-month change: 3,000 » Year-over-year change: -526,000 Top 5 States by Non-Current Percentage: » Mississippi: 6.39 % » Louisiana: 5.62 % » Oklahoma: 4.68 % » Alabama: 4.56 % » West Virginia: 4.46 % Bottom 5 States by Non-Current Percentage: » Oregon: 1.93 % » Colorado: 1.79 % » California: 1.78 % » Idaho: 1.68 % » Washington: 1.64 % Top 5 States by 90+ Days Delinquent Percentage: » Mississippi: 2.39 % » Louisiana: 1.95 % » Alabama: 1.67 % » Oklahoma: 1.54 % » Arkansas: 1.51 % Top 5 States by 6-Month Change in Non- Current Percentage: » Alaska: -24.31 % » Hawaii: -23.06 % » North Dakota: -15.09 % » New York: -14.00 % » District of Columbia: -10.19 % Bottom 5 States by 6-Month Change in Non- Current Percentage: » South Dakota: 10.09 % » Iowa: 8.39 % » Arizona: 6.54 % » Kansas: 6.28 % » Wyoming: 4.99 %