OCC Reports Mortgage Performance Unchanged

Summary

Performance of first-lien mortgages remained unchanged during the third quarter of 2017 compared with a year earlier, according to the Office of the Comptroller of the Currency's (OCC) quarterly report on mortgages.

The OCC Mortgage Metrics Report, Third Quarter 2017, showed 94.8 percent of mortgages included in the report were current and performing at the end of the quarter, the same as a year earlier.

The report also showed that foreclosure activity has decreased from the previous quarter. Reporting servicers initiated 34,266 new foreclosures during the third quarter of 2017, a 4.7 percent decrease from the previous quarter and a decrease of 28.5 percent from a year earlier. Servicers implemented 25,799 mortgage modifications in the third quarter of 2017. Seventy-eight percent of the modifications reduced borrowers' monthly payments.

The first-lien mortgages included in the OCC's quarterly report comprise 33 percent of all residential mortgages outstanding in the United States or approximately 18.4 million loans totaling $3.32 trillion in principal balances. This report provides information on mortgage performance through September 30, 2017.