Performance of first-lien mortgages remained unchanged during the first quarter of 2018 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, First Quarter 2018, showed 95.6 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 servicers initiated 37,300 new foreclosures during the first quarter of 2018, an 8.1 percent increase from the previous quarter and a 21.5 percent decrease from a year ago. Servicers implemented 23,427 mortgage modifications in the first quarter of 2018, and 78.5 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 17.8 million loans totaling $3.30 trillion in principal balances. This report provides information on mortgage performance through March 31, 2018, and it can be downloaded from the OCC’s website, www.occ.gov.