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MarketScreener Homepage  >  Equities  >  Nyse  >  Black Knight, Inc.    BKI

BLACK KNIGHT, INC.

(BKI)
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Black Knight : Refi Incentive Hits All-Time High – 19.4M Candidates, $6B in Monthly Savings Available

11/20/2020 | 06:03pm EST

On Thursday, November 19, Freddie Mac's Private Mortgage Market Survey reported the average 30-year mortgage interest rate offering as 2.72%, an all-time record low. If that sounds familiar, it's because it is: that marked the 13th record low for rates this year.

At Black Knight, we keep a careful eye on how rates impact the market, and in particular, how rising or falling 30-year rates affect the number of homeowners who could both benefit from and likely qualify for a mortgage refinance.

We tend to look at what could be termed 'high quality' refinance candidates - those 30-year mortgage-holders who have at least 20% equity in their homes, credit scores of 720 or higher, are current on their payments and who stand to cut their first lien rates by at least 0.75% by refinancing.

With Thursday's rates, we've seen that population swell to its largest ever. Some 19.4 million homeowners are now in a position to save an average of $309 per month by refinancing, for an aggregate $5.98 billion in potential monthly savings - also the most in history.

[Link]Drilling a bit deeper into data from McDash, we see that there are over 4.5 million candidates who could save at least $400 per month, 2.7 million of whom could save $500 or more each month by refinancing at today's rates.

California leads the nation, with over 3 million candidates who could save an average of $420 per month for an aggregate $1.3 billion in monthly savings. It is followed by Florida (1.4 million), Texas (1.3 million) and New York (1.1 million).

The greater New York City metro area leads all Census Bureau Statistical Areas with nearly 1.4 million high quality refinance candidates, who stand to save an aggregate $606 million per month by refinancing for an average monthly savings of $437 per homeowner. The Los Angeles, Chicago and Washington D.C. metro areas follow, with 960,000, 723,000 and 575,000 candidates respectfully.

Removing our broad-based eligibility criteria, there 32.1 million 30-year mortgage holders nationwide who are 'in the money' for a refinance, meaning they have current first lien rates at least 0.75% above the going rate. Some - if not many - of these borrowers may qualify for a refinance but are less likely to secure the best rate offerings in today's market.

With the interest rate landscape remaining in flux as the U.S. economy continues to grapple with the fallout of the COVID-19 pandemic and other factors, Black Knight will revisit and report upon this data as circumstances dictate. Be sure to subscribe to and/or visit this blog often for further updates.

Disclaimer

Black Knight Inc. published this content on 20 November 2020 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 20 November 2020 23:02:08 UTC


© Publicnow 2020
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Financials (USD)
Sales 2020 1 233 M - -
Net income 2020 228 M - -
Net Debt 2020 2 185 M - -
P/E ratio 2020 50,5x
Yield 2020 -
Capitalization 13 120 M 13 120 M -
EV / Sales 2020 12,4x
EV / Sales 2021 10,7x
Nbr of Employees 4 900
Free-Float 94,7%
Chart BLACK KNIGHT, INC.
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Black Knight, Inc. Technical Analysis Chart | BKI | US09215C1053 | MarketScreener
Technical analysis trends BLACK KNIGHT, INC.
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TrendsBearishBullishBullish
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus BUY
Number of Analysts 15
Average target price 101,43 $
Last Close Price 84,41 $
Spread / Highest target 30,3%
Spread / Average Target 20,2%
Spread / Lowest Target 12,5%
EPS Revisions
Managers and Directors
NameTitle
Anthony M. Jabbour Chief Executive Officer & Director
Joseph M. Nackashi President
William Patrick Foley Executive Chairman
Kirk T. Larsen Chief Financial Officer & Executive Vice President
Peter Carrara Chief Information Officer
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