In another sign of relative economic stability, foreclosure activity on mortgage loans has decreased at national banks from last year, with nearly 95% of first-lien mortgages current and performing, the banks’ federal regulator reported Friday.
In its Mortgage Metrics Report, Third Quarter 2017, the Office of the Comptroller of the Currency (OCC) reported that the 94.8% of current and performing was the same percentage as in 2016. However, the report showed that foreclosures had decreased from the previous quarter by 4.7% – and by 28.5% from the same period one year earlier.
Additionally, the OCC report stated that mortgage servicers executed 25,799 mortgage modifications in the third quarter of 2017, 78% of which reduced borrowers’ monthly payments.
According to OCC, 33% of all residential mortgages outstanding nationwide (18.4 million loans, with $3.32 trillion in principal) are included in its report.