OCC: Mortgage Performance Improved Year-on-Year

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

Foreclosure activity was up 4.5 percent 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 percent year-on-year, however. Delinquencies reached a two-year low, the report noted; mortgages that were considered seriously delinquent fell from 2.3 percent in the previous quarter to 1.9 percent, while loans that were 30-59 days delinquent fell from 2.3 percent to 1.8 percent.

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