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Slight improvement in mortgage performance
The OCC has posted its Third Quarter 2019 Mortgage Metrics Report, which shows a slight improvement in the performance of first-lien mortgages in the federal banking system during the third quarter of 2019. The report showed 96.4 percent of mortgages included in the report were current and performing at the end of the quarter, compared to 95.4 percent a year earlier. The report also showed that servicers initiated 21,492 new foreclosures during the third quarter of 2019, a 0.4 percent increase from the previous quarter and a 24.6 percent decrease from a year ago. Servicers completed 13,950 mortgage modifications in the third quarter of 2019, and 73.0 percent of the modifications reduced borrowers’ monthly payments.