First mortgage performance continued to improve during the first quarter of 2017 compared with the first quarter 2016, according to latest report from the Office of the Comptroller of the Currency’s (OCC).
The OCC said that 95.6% of mortgages were performing at the end of the quarter, an increase from last year for the same time period when loan performance was at 94.9%.
Foreclosure activity was on the rise from the previous quarter which experienced the first quarter-over-quarter increase in the last of couple years. Mortgage servicers who participated in the survey said they initiated 47,546 new foreclosures during the first quarter of 2017, up 4.5% from the previous quarter but a decrease of 19.3% from a year earlier.
35,137 loan modifications were granted in the first quarter of 2017 with 88% of the modifications reducing borrowers’ monthly payments.
The OCC report covers 35% of all residential mortgages outstanding in the U.S. or approximately 19.5 million loans totaling $3.42 trillion in principal balances.
The mortgage performance report through March 31, 2017, and it can be downloaded from the OCC’s website, www.occ.gov.
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