OCC Report: Mortgage Performance Improves Year-on-Year

The share of current and performing first-lien mortgages rose to 94.7 percent for the second quarter of 2016, up from 93.8 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 38 percent of all outstanding residential mortgages.

Foreclosure activity continued to fall, with 48,732 foreclosures initiated in the second quarter — a decrease of 31.1 percent from a year earlier. Mortgages that were considered seriously delinquent held steady at 2.3 percent, while loans that were 30 to 59 days delinquent increased to 2.1 percent, up from 1.9 percent the previous quarter.