OCC: Mortgage Performance Improves Year-on-Year

The share of current and performing first-lien mortgages rose to 94.8 percent for the third quarter of 2016, up from 93.9 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 36 percent of all outstanding residential mortgages.

Foreclosure activity continued to fall, with 47,955 foreclosures initiated in the third quarter — a decrease of 25.3 percent from a year earlier. Mortgages that were considered seriously delinquent dropped slightly from 2.3 percent in the previous quarter to 2.2 percent, while loans that were 30 to 59 days delinquent increased from 2.1 percent to 2.2 percent.