Current Mortgage Performance Rate Rises to 93%

rising-interest-rates-300x198

This is very good news for the housing industry. More people paying the mortgage payment on time with less foreclosures is always good. For a more detailed look at this subject – please read the article below.

The FHA Condos Approval Company, Inc.

Please +1 Us on Google, Follow Us on Twitter or Like Us on facebook

Mortgage performance is on the rise, and foreclosures are on the decline at the nation’s largest banks, according to the first-quarter Mortgage Metrics Report from the Office of the Comptroller of the Currency (OCC). Representing 48 percent of outstanding first-lien residential mortgages, the OCC report includes data on mortgages at the nation’s seven largest servicers, based on portfolio size, and one federal savings association.

The percentage of current, performing mortgages rose to 93.1 percent in the first quarter of this year, up from 91.8 percent in the fourth quarter of last year and from 90.2 percent a year ago, according to the OCC. The first quarter marks the sixth straight quarter of improvement in loan performance, according to OCC data.

At the same time, the number of loans in some stage of the foreclosure process at the institutions declined 52.3 percent over the year to the lowest level the OCC has recorded since September 2008. About 1.8 percent of the loans are in foreclosure as of the end of the first quarter.

The number of foreclosure starts in the first quarter is down 49.1 percent from the start of the year, while the number of foreclosures completed in the first quarter is down 33.9 percent from a year ago.

The OCC attributes declining foreclosures to a few factors, including “improved economic conditions, aggressive foreclosure prevention assistance, and the transfer of loans to servicers outside the reporting banks and thrift.”

To read the complete article – please use the link below.

Mortgage Performance Rate Rises

Explore posts in the same categories: Real Estate Market Trends

Tags: , , ,

You can comment below, or link to this permanent URL from your own site.

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s


%d bloggers like this: