The share of current and performing first-lien mortgages rose to 94.8% for the third quarter of 2016, up from 93.9% a year earlier, according to the Mortgage Metrics Report released yesterday by the OCC. The report is generated from data from seven large national banks representing 36% of all outstanding residential mortgages.
Foreclosure activity continued to fall, with 47,955 foreclosures initiated in the third quarter – a decrease of 25.3% from a year earlier. Mortgages that were considered seriously delinquent dropped slightly from 2.3% in the previous quarter to 2.2%, while loans that were 30 to 59 days delinquent increased from 2.1% to 2.2%.
Read the report.