The percentage of current and performing mortgages improved slightly in the third quarter at national banks and thrifts, rising to 95.4%, up 60 basis points from the same period a year earlier.
The Office of the Comptroller of the Currency (OCC) also reported Tuesday, in its OCC Mortgage Metrics Report, Third Quarter 2018, that new foreclosures initiated at the financial institutions declined by 16.8% from the same quarter a year earlier (and fell 3.7% from the second quarter of this year). The OCC reported 28,508 new foreclosures initiated. Meanwhile, 25,701 mortgage modifications were made by mortgage servicers in the third quarter, the OCC said – of which more than two thirds (69.2%) reduced borrowers’ monthly payments.
The agency noted that first-lien mortgages at national banks and thrifts total $3.26 trillion in principal balances, comprising 32% of all residential mortgages across the nation from approximately 17.2 million loans.