Performance of first-lien mortgages continued to improve during the fourth quarter of 2015, according to the latest data from the Office of the Comptroller of the Currency (OCC).
The OCC’s quarterly Mortgage Metrics Report shows that 94.1% of mortgages were current and performing at the end of the quarter compared with 93.9% in the third quarter.
Servicers that report to the OCC initiated 63,387 new foreclosures during the fourth quarter compared with 75,395 in the fourth quarter of 2014.
Servicers implemented 35,118 mortgage modifications in the fourth quarter, compared with 47,561 in the fourth quarter of 2014. Of those modifications, about 87% reduced borrowers’ monthly payments.
The mortgages included in the OCC’s quarterly report comprise about 41% of all residential mortgages outstanding in the U.S.
That’s about 21.5 million loans totaling $3.7 trillion in principal balances.
To view the full report, click here.
