OCC: Mortgage Performance Improved Slightly in Q4

The share of current and performing first-lien mortgages in the fourth quarter of 2019 was 96.5%, up from 95.8% a year ago, according to the Mortgage Metrics Report released by the OCC. The report is generated from seven large national banks representing 29.2% of all outstanding residential mortgages.

Foreclosure activity rose 3.5% from the previous quarter, with 22,248 new foreclosures initiated, but was down 24.6% from a year ago. Mortgages that were considered seriously delinquent held steady at 1.5%, while loans that were 30 to 59 days delinquent edged down from 1.8% in the third quarter to 1.7% in the fourth quarter.