No change in the 95.6% current and performing mortgages among national banks was recorded for the first quarter of 2018 compared to one year earlier, according to a report by the national regulator of banks issued Tuesday.
However, the percentage of current and performing loans is up, slightly, from the end of 2017, when 94.5% of the mortgages at the national banks were reported current and performing.
In its Mortgage Metrics Report, First Quarter 2018, the Office of the Comptroller of the Currency (OCC) also reported that new foreclosures are inching up. According to the report, servicers initiated 37,300 new foreclosures during the first quarter of this year, up 8.1% from the previous quarter (but down 21.5% from a year ago).
The OCC said servicers applied 23,427 mortgage modifications in the first quarter of 2018, with 78.5% reducing borrowers’ monthly payments.
According to the report, first-lien mortgages account for one-third of all residential mortgages outstanding in the country (17.8 million loans for $3.3 trillion in principal balances).