OCC issues Q3 mortgage performance report

The OCC has released its OCC Mortgage Metrics Report, Third Quarter 2017, which shows that 94.8 percent of mortgages included in the report were current and performing at the end of the quarter, the same as a year earlier. The report also showed that foreclosure activity has decreased from the previous quarter. Reporting servicers initiated 34,266 new foreclosures during the third quarter of 2017, a 4.7 percent decrease from the previous quarter and a decrease of 28.5 percent from a year earlier. Servicers implemented 25,799 mortgage modifications in the third quarter of 2017. Seventy-eight percent of the modifications reduced borrowers’ monthly payments.