The share of current and performing first-lien mortgages in the fourth quarter rose to 96.3%, up from 93.3% a year ago, according to the Mortgage Metrics Report released by the OCC today.
Foreclosure activity increased 39.9%, with 1,294 new foreclosures initiated. That figure was up 64% from a year ago. The OCC noted that these metrics were significantly affected by events associated with the COVID-19 pandemic, including foreclosure moratoriums.
Mortgages that were considered seriously delinquent fell to 2.3% from 3.1% in the previous quarter and 5.2% a year ago. Meanwhile, loans that were 30 to 59 days delinquent increased slightly from 1.1% to 1.2%. The report is generated from seven large national banks representing 22% of all outstanding residential mortgages.
