performance of first-lien mortgages

OCC Reports Decline in Mortgage Performance

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On December 16, the Office of the Comptroller of the Currency (OCC) reported that the performance of first-lien mortgages in the federal banking system declined during the third quarter of 2020, which accounts for 27% of all residential mortgage debt outstanding in the United States. The percentage of seriously delinquent mortgages was 5.8% in the third quarter of 2020, compared to 6.8% in the prior quarter and 1.5% a year ago. In the third quarter of 2020, servicers initiated 48.2% more foreclosures than in the previous quarter and completed 14,097 mortgage modifications. Release.

Mortgage Performance Improvement Continues

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On September 25, the OCC reported that the performance of first-lien mortgages serviced by large national and federal savings banks improved from a year earlier. The OCC Mortgage Metrics Report, Second Quarter 2014, showed 92.9% of mortgages were current and performing at the end of the quarter, compared with 90.6% a year earlier. The percentage of mortgages that were 30 to 59 days past due decreased 17.3% from a year earlier to 2.4% of the portfolio. Seriously delinquent mortgages 60 or more days past due or held by bankrupt borrowers whose payments are 30 days or more past due decreased 17.0% from a year earlier. Report.