OCC: Mortgage Performance Continues to Improve in Q3

The share of current and performing first-lien mortgages rose to 93.9 percent for the third quarter, up from 93 percent a year earlier, according to the Mortgage Metrics Report released today by the OCC.

Only 2.6 percent of mortgages were considered seriously delinquent at the end of the third quarter, down 16.1 percent from last year. Foreclosure activity also continued to fall, with only 269,751 mortgages (1.2 percent of the total portfolio) in the process of foreclosure at the end of the third quarter — a 23.8 percent decrease from the previous year.

The OCC cited improved economic conditions and aggressive foreclosure prevention assistance efforts as contributing factors to the decreased foreclosure inventory.