Performance of first-lien mortgages remained largely unchanged during the second 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, Second Quarter 2018, showed 95.6 percent of mortgages included in the report were current and performing at the end of the quarter, compared to 95.4 percent a year earlier.
The report also showed that servicers initiated 29,612 new foreclosures during the second quarter of 2018, a 20.6 percent decrease from the previous quarter and a 17.7 percent decrease from a year ago. Servicers implemented 32,655 mortgage modifications in the second quarter of 2018, and 64.1 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 17.5 million loans totaling $3.28 trillion in principal balances. This report provides information on mortgage performance through June 30, 2018, and it can be downloaded from the OCC’s website, www.occ.gov.