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.