OCC: Mortgage Performance Holds Steady Year-on-Year

The share of current and performing first-lien mortgages in the first quarter of 2020 was 96.5%, up slightly from 96.2% a year ago, according to the Mortgage Metrics Report released by the OCC today. The report is generated from seven large national banks representing 28.7% of all outstanding residential mortgages.

Foreclosure activity fell 10.9% from the previous quarter, with 19,815 new foreclosures initiated, and was down 28.2% from a year ago. Mortgages that were considered seriously delinquent fell from 1.5% to 1.4%, while loans that were 30 to 59 days delinquent edged up from 1.7% to 1.8% in the first quarter.