The share of current and performing first-lien mortgages in the second quarter of 2020 was 91.1%, down from 96.1% 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% of all outstanding residential mortgages.
Due in large part to foreclosure moratoriums and other events related to the COVID-19 response, foreclosure activity fell 98.7% from the previous quarter, with 249 new foreclosures initiated, and was down 98.8% from a year ago. Mortgages that were considered seriously delinquent grew significantly, rising to 6.8% from 1.4% the previous quarter. Meanwhile, loans that were 30 to 59 days delinquent edged up from 1.8% to 1.9% in the second quarter.