OCC: American approach to paying the mortgage pretty much same as last year

Servicing

The overseer of large national banks, the Office of the Comptroller of the Currency released its mortgage metrics showing that performance of first-lien mortgages remained unchanged during the third quarter of 2017 compared with a year earlier.

How big is the OCC statistical universe? It monitors 18.4 million first-lien mortgage loans with $3.32 trillion in unpaid principal balances.

This $3.32 trillion represents 33% of all residential mortgage debt outstanding in the United States.

The report shows 94.8% of those mortgages are current and performing at the end of the quarter, the same as a year earlier.

Foreclosure activity has decreased from the previous quarter.

Here’s the wrap from mortgage servicers:

Reporting servicers initiated 34,266 new foreclosures during the third quarter of 2017, a 4.7% decrease from the previous quarter and a decrease of 28.5% from a year earlier. Servicers implemented 25,799 mortgage modifications in the third quarter of 2017. 78% of the modifications reduced borrowers’ monthly payments.

 

Leave a Reply