OCC: Mortgage Performance Improves Slightly in Q3

The share of current and performing first-lien mortgages in the third quarter of 2019 was 96.4%, up from 95.4% a year ago, according to the Mortgage Metrics Report released today by the OCC. The report is generated from seven large national banks representing 29.8% of all outstanding residential mortgages.

Foreclosure activity rose 0.4% from the previous quarter, with 21,492 foreclosures initiated, but was down 24.6% from a year ago. Mortgage that were considered seriously delinquent held steady at 1.5%, while loans that were 30 to 59 days delinquent fell from 2% in the second quarter to 1.8% in the third quarter.