The Office of the Comptroller of the Currency’s (OCC) issued their quarterly OCC Mortgage Metrics Report, Second Quarter 2016 today showing that the performance of first-lien home loans improved during the second quarter of 2016 compared with this same time last year.
The OCC reported that 94.7% of these loans were current and performing at the end of the quarter, compared with 93.8% a year earlier.
Foreclosures were down 31.1% from last year. Mortgage servicers initiated a total of 48,732 new foreclosures during the second quarter.
The OCC said that the need for loss mitigation is down as well because home loans are performing better. In the second quarter, there were 34,604 loan modifications given to struggling homeowners with 87% of the modifications reducing borrowers’ monthly payments.
The first-lien mortgages included in the OCC’s quarterly report comprise 37 percent of all residential mortgages outstanding in the United States or about 20.7 million loans totaling $3.6 trillion in principal balances.
The report can be viewed below or downloaded@ OCC Mortgage Metrics Report, Second Quarter 2016 (PDF)metrics-q2-2016