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Lenders See Improved Mortgage Performance

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A total of 32.7 million home loans were considered “current and performing” in the first three months of 2011, according to the latest quarterly statistics issued jointly by the Office of the Comptroller of the Currency and the Office of Thrift Supervision. This accounts for 88.6 percent of all home loans.

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In addition, all categories of mortgage delinquency saw declines during the first quarter, the report said. Loans that were between 30 and 60 days behind on payments dropped to 2.6 percent of the total number of units in the U.S., the lowest level seen in the last three years, while those 60 days or more past due fell to 4.8 percent. That was the fifth consecutive quarterly decline, and the lowest rate seen since the same period in 2009.

However, the number of properties in some stage of foreclosure held steady during the three-month period, even as the number of homes entering the process dropped 11.3 percent from the previous quarter and 15.6 percent from the same quarter last year, the report said. Overall, foreclosures made up the remaining 4 percent of the current nationwide portfolio.

Some reports have recently illustrated that the number of new foreclosure filings may be unnaturally depressed in recent months due to court rulings that limited or prevented banks from submitting new actions against homeowners. When these moratoriums are lifted, the numbers may rise again considerably.

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