Mortgage Loan Modifications Rose 40% in 4Q: OCC

Serious delinquencies improved in the fourth quarter of 2021 but modifications and foreclosure starts rose as borrowers exited forbearance in droves, according to the Office of the Comptroller of the Currency, according to an article from National Mortgage News.

Completed modifications and initiated foreclosures each increased by roughly 40% on a consecutive-quarter basis while the percentage of loans with payments 60 or more days late fell to 2.3% from 3.1%, the OCC’s Mortgage Metrics report found. Mods rose 40.8% to 47,488 and foreclosure starts jumped 39.9% to 1,294, according to the report, which reflects first-lien mortgage activity comprising 22% of all residential mortgage debt outstanding in the United States.

Learn more (subscription may be required)