​OCC: Mortgage Performance Continues Improving

Some 93.2 percent of mortgages were current and performing at the end of 2014, up slightly from 93 percent in the third quarter and up from 91.8 percent a year before, according to the Mortgage Metrics Report released on Friday by the OCC.

Only 3.1 percent of mortgages were seriously delinquent at the end of the fourth quarter, 12.2 percent lower than a year earlier. The report also showed a continued decline in foreclosure activity, with only 315,922 loans in the process of foreclosure at the end of the year — 1.4 percent of mortgages and a 39.4 percent drop from a year ago.

“Improved economic conditions and aggressive foreclosure prevention assistance contributed to the decreased foreclosure inventory,” the OCC said.

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Evan Sparks

Evan Sparks is editor-in-chief of the ABA Banking Journal and vice president for publications at the American Bankers Association.