The Office of the Comptroller of the Currency’s (OCC) issued its quarterly report on mortgages showing that 94.8% of first mortgage liens were current and performing at the end of the third quarter in 2016, compared with 93.9% for the same time period last year.
Foreclosure activity is down across the nation. The report had shown that 47,955 foreclosure starts were implemented by mortgage servicers, down by 25.3% from a year earlier.
According to the OCC, 35,642 loan modifications were given to struggling homeowners in the third quarter of 2016. Out of these modifications, 88% had reduced the borrowers’ monthly mortgage payments.
The OCC now requires mortgage servicers to submit data for prime, alt-a, subprime, and other mortgages using their internal credit scoring system rather than FICO scores. The report now includes first-lien, closed-end home equity loans.
Read the full OCC Mortgage Metrics Report, Third Quarter 2016 (PDF)