The share of current and performing first-lien mortgages in the third quarter of 2021 was 95.6%, up from 92.5% a year ago, according to the Mortgage Metrics Report released by the OCC today.
Foreclosure activity increased 56.3% from the previous quarter, with 925 new foreclosures initiated. Foreclosures increased 150.7% from a year ago. Events stemming from the COVID-19 pandemic, including foreclosure moratoriums, significantly affected the metrics, the OCC said.
Mortgages that were considered seriously delinquent declined to 3.1% from 3.8% the previous quarter. Meanwhile, loans that were 30 to 59 days delinquent held at 1.1% in the third quarter. The report is generated from seven large national banks representing 23% of all outstanding residential mortgages.