Performance of first-lien mortgages continued to improve during the first quarter, according to the Office of the Comptroller of the Currency’s quarterly Mortgage Metrics Report.
As of the end of the first quarter, about 94.9% of all first-lien mortgages in the U.S. were performing, according to the report. That’s an improvement compared with 94.2% in the first quarter of 2015.
The report tracks about 38% of all residential mortgages outstanding in the U.S. – or about 21.1 million loans totaling $3.6 trillion in principal balance.
Foreclosure activity continued to decrease in the first quarter, the report shows. Reporting servicers initiated 58,921 new foreclosures – a decrease of 29.1% compared with a year earlier.
Servicers implemented 34,481 mortgage modifications in the first quarter. Of those, about 87% reduced borrowers’ monthly payments.