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Thursday, January 5, 2017

OCC: Mortgage Performance Improves Year-on-Year

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.