OCC: Mortgage Performance Declines in First Quarter

The share of current and performing first-lien mortgages in the first quarter of 2021 was 94.2%, down from 96.5% a year ago, according to the Mortgage Metrics Report released by the OCC today. Mortgage performance in the first quarter declined from a year ago as a result of the COVID-19 pandemic, according to the report.

While, foreclosure activity rose 5.6% from the previous quarter, just 833 new foreclosures were initiated due to forbearance and moratoriums on foreclosures for several types of mortgages, and foreclosures remained down 95.8% from a year ago. Mortgages that were considered seriously delinquent declined to 4.6% from 5.2% the previous quarter.

Meanwhile, loans that were 30 to 59 days delinquent dipped from 1.3% to 1% in the first quarter. The report is generated from seven large national banks representing 25% of all outstanding residential mortgages.