The OCC Mortgage Metrics Report for First Quarter 2016 reflected mortgage loan data for seven national banks with large mortgage servicing portfolios for the period from Jan. 1-March 31. First-lien mortgages included in the report comprise 38% of all residential mortgages outstanding in the U.S., or about 21.1 million loans totaling $3.6 trillion in principal balances, according to an OCC news release.
According to the report, 94.9% of mortgages were current and performing at the end of the first quarter, compared with 94.2% for the same period a year earlier.
Foreclosure activity declined during the quarter. Mortgage servicers initiated 58,921 new foreclosures during the first quarter of 2016, a 7% decrease from the previous quarter and a 29.1% decrease from the same period a year earlier, according to the report. The percentage of loans that are deemed seriously deliquent also declined, the report found.
Home forfeiture actions during the quarter — including completed foreclosure sales, short sales and deed-in-lieu-of-foreclosure actions — decreased 19% from a year earlier to 38,429, according to the report. Newly initiated foreclosure actions also declined in the first quarter.
Servicers implemented 34,481 mortgage modifications in the first quarter of 2016, and 87% of the modifications reduced borrowers’ monthly payments, according to the release.
The unpaid balance on the outstanding principal balance of reporting loans declined from the first quarter of 2014 through the first quarter of 2016, according to the report.
The report also includes a state-by-state breakdown of the number of mortgage modfication actions, changes in monthly principal and interest rate payments by state, and the number of defaults on previously modified loans.
The complete report is available at http://www.occ.gov/publications/publications-by-type/other-publications-reports/mortgage-metrics/metrics-q1-2016.pdf.