ICE First Look at Mortgage Performance: Delinquencies improved in July despite Hurricane Beryl’s impact on Houston homeowners

• The national delinquency rate fell 12 basis points (bps) to 3.37% in July, offsetting some of June’s calendar-related rise – dropping 3.5% for the month but up 4.8% from the same time last year
• Delinquencies declined in all major markets except Houston, where Hurricane Beryl resulted in an estimated 10K mortgage holders falling behind on payments as a result of the storm
• Serious delinquencies (loans 90+ days past due but not in active foreclosure) rose 5K (+1.1%) to a five-month high, but are still down -33K (-7.0%) from the same time last year
• The number of borrowers a single payment past due dropped by -77K in July, while 60-day delinquencies climbed 11K
• While foreclosure starts increased by 7K (30%) in the month, that’s partially a byproduct of starts hitting a multi-year low the month prior rather than a sign of underlying stress in the market
• Active foreclosure inventory nudged higher (+2K), but remains at its second-lowest level since January 2022 and is still 34% below pre-pandemic levels
• 5.5K foreclosure sales were completed in July representing a +3.7% month-over-month increase, but were down -9.6% from last year and are still running at less than half their 2019 averages
• Prepayment activity (SMM) rose to 0.60% on easing rates, notching its highest mark since September 2022

Intercontinental Exchange, Inc. (NYSE:ICE), a leading global provider of technology and data, reports the following “first look” at July 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 Sept. 4, 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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