Tuesday, January 13, 2015

Mortgage performance

According to the Mortgage Metrics Report, Second Quarter 2014 from the Office of the Comptroller of the Currency (OCC), 92.9 percent of first-lien mortgages at large national and federal savings banks were performing as of the end of June. 
The number of performing mortgages increased slightly from quarter 2, 2013, when 90.6 percent of mortgages were reported as performing. The number of delinquent loans were down according to OCC, 2.4 percent of all mortgage loans were between 30 and 59 days past due, a decline of 17.3 percent from Quarter 2, 2013. The report found that the number of seriously delinquent loans, which are more than 60 days past due, fell by 17 percent from the same period a year ago.

In addition, it was reported that among the servicers who reported, foreclosure activity was way down. The number of properties in the process of foreclosure stood at 391,591 at the end of quarter 2, 2014 which represented a decline of 47.4 percent from quarter 2, 2013. According to the OCC, the number of new foreclosures initiated during quarter 2, also declined by 47 percent year-over-year, down to 79,781.Completed foreclosures also took a significant downward turn, falling by 39.1 percent down to 48,684 from the same period last year.

OCC attributes the decline in foreclosures to foreclosure prevention assistance, improved economic conditions, and loan transfers not reported. They reported that about 47 percent of nationwide mortgages were included in this portfolio, which totaled about 24.1 million loans with approximately $4.1 billion in principal balances.

Original Source: DS News

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