Black Knight Inc.
has announced the addition of loan-level performance data for loans on single-family properties in Puerto Rico into its McDash mortgage and home equity database.
According to the company, more than 200,000 homes were damaged by Hurricane Maria and an estimated 84,000 mortgages remain past-due as a result of the storm. More than one-third of all mortgages in Puerto Rico are at least one payment in arrears, while 19 percent are 90 or more days past due. Ginnie Mae loans account for twice the Puerto Rican market share versus the level within the U.S. mainland market.
“The devastating impact of Hurricane Maria—and to a lesser extent, Irma as well—is still being felt on the ground in Puerto Rico,” said Kevin Coop, Group Executive and President of Black Knight’s Data & Analytics division. “That impact extends into the mortgage market as well. Expanding our dataset to include mortgage loans in Puerto Rico will help industry professionals assess mortgage credit, prepay and loss performance on the island, even in the best of times. Post-Maria, the need for insight into loans on the island has become that much more urgent, and McDash can help provide the details needed to manage the associated portfolio risk.”