The Office of the Comptroller of the Currency (OCC) reported the performance of first-lien mortgages in the federal banking system remained stable during the first quarter of 2020.
The OCC Mortgage Metrics Report, First Quarter 2020 showed 96.5 percent of mortgages included in the report were current and performing at the end of the quarter, compared to 96.2 percent a year earlier.
The report also showed that servicers initiated 19,815 new foreclosures during the first quarter of 2020, a 10.9 percent decrease from the previous quarter and a 28.2 percent decrease from a year ago. Servicers completed 14,241 mortgage modifications in the first quarter of 2020, and 85.7 percent of the modifications reduced borrowers’ monthly payments.
The first-lien mortgages included in the OCC’s quarterly report comprise 28.7 percent of all residential mortgages outstanding in the United States or approximately 15.4 million loans totaling $3 trillion in principal balances. This report provides information on mortgage performance through March 31, 2020, and it can be downloaded from the OCC’s website, www.occ.gov.
Posted by OCC.gov