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OCC Reports Improved Mortgage Environment
On Friday, March 24, 2017, the Office of the Comptroller of the Currency (OCC) reported overall performance of first-lien mortgages continues to improve, and the number of loans in delinquency continues to decline. The OCC report, OCC Mortgage Metrics Report, Fourth Quarter 2016, showed 94.7 percent of mortgages were current and performing at the end of the quarter, compared with 94.1 percent a year earlier. The report also showed that servicers initiated 45,495 new foreclosures in the fourth quarter 2016, a decrease of 5.1 percent from previous quarter and a decrease of 28.2 percent from a year earlier. The first-lien mortgages included in the report comprise 35 percent of all residential mortgages outstanding in the United States, or approximately 19.8 million loans totaling $3.45 trillion in unpaid principal balances.