The performance of first-lien mortgages serviced by large national and federal savings banks changed very little during the fourth quarter of 2011 and showed improvement from the previous year, according to a new report by the Office of the Comptroller of the Currency (OCC).
According to the OCC, delinquencies remained elevated but have declined from a year earlier. Mortgages that were 30 to 59 days delinquent were 3% of the total serviced portfolio at year-end, and mortgages that were seriously delinquent were at 5% of the total portfolio.
The OCC also reported that completed foreclosures increased to 116,060, up 2.5% from the previous quarter and 22.1% from the fourth quarter of 2010. However, the number of new foreclosures initiated during the quarter decreased to 292,173, down 16% from the previous quarter. The inventory of foreclosures in process also decreased to 1,272,287, down 4.1% from the previous quarter and 3.1% from a year earlier.
Servicers initiated 460,213 new home retention actions in the fourth quarter. During the past five quarters, servicers initiated more than 2.4 million home retention actions -772,425 modifications, 902,860 trial-period plans and 731,927 payment plans.
The full OCC report is online.