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Friday, July 14, 2017

OCC: Mortgage Performance Improved Year-on-Year

The share of current and performing first-lien mortgages rose to 95.6% for the first quarter, up from 94.9% a year earlier, according to the Mortgage Metrics Report released by the OCC. The report is generated from data from seven large national banks representing 35% of all outstanding residential mortgages.

Foreclosure activity was up 4.5% from the previous quarter 
— the first such increase in two years  with 47,546 new foreclosures initiated during the first three months of the year. Foreclosures were down 19.3% year-on-year, however. Delinquencies reached a two-year low, the report noted; mortgages that were considered seriously delinquent fell from 2.3% in the previous quarter to 1.9%, while loans that were 30-59 days delinquent fell from 2.3% to 1.8%. 

Read the report.

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