The non-current rate on consumer mortgages owned by banks fell from the end of last year. The improvement came despite an increase in foreclosures initiated and completed.
As of March 31, delinquency of at least 30 days, including loans in foreclosure, on single-family loans owned by banks was 4.4 percent.
The non-current rate was better than 5.5 percent as of the conclusion of last year. There was no change, however, compared to the first-quarter 2017.
The data were provided in
the OCC Mortgage Metrics Report First Quarter 2018 from the Office of the Comptroller of the Currency.
As of March 31, the seven servicers maintained servicing portfolios with 17,753,000 loans that had
an aggregate unpaid principal balance of $3.298 trillion.
Portfolios stood at 18,107 loans for $3.318 trillion as of year-end 2017 and 19,484 loans for $3.416 trillion as of the same date in 2017.
Most recently, prime mortgages accounted for 90 percent of servicing portfolios. Alt-A and subprime share each were 2 percent, and 5 percent was classified as “other.”
Included in the latest non-current rate was an 0.5 percent rate of foreclosures in process. There was no change from the fourth-quarter 2017, but the rate was lower than 0.7 percent in the first-quarter 2017.
There were 37,300 new foreclosures filed during the first-three months of 2018, up 8 percent from three months earlier. But new filings plunged 21 percent from a year earlier. For all of last year, there were 152,300 newly initiated foreclosures.
Completed foreclosures totaled 16,400 in the first-quarter 2018, jumping 12 percent from the prior three-month period but sinking 31 percent from the same three months during 2017. Full-year completed foreclosures numbered 77,700.