First-lien mortgage performance among large national banks’ servicing portfolios is stabilizing, with 88 percent current over the third quarter of this year, according to the Office of the Comptroller of the Currency (OCC).
Delinquencies – both early stage and serious delinquencies – remained unchanged, with 3 percent of loans 30 days to 59 days delinquent and 4.9 percent 60 or more days delinquent. However, new foreclosures rose 21.1 percent. The OCC says nearly half of the loans modified since 2008 have since redefaulted.
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