Mortgage Metrics Report: Share of performing mortgages rises in Q3

The share of current and performing first-lien mortgages in the third quarter of 2022 was 97.2%, up from 95.6% a year ago, according to the Mortgage Metrics Report released by the OCC today. Servicers initiated 9,835 new foreclosures in the third quarter, a decrease from the prior quarter but up from a year ago.

Mortgages that were considered seriously delinquent fell from 1.5% in the second quarter to 1.3% in the third quarter, while loans that were 30 to 59 days delinquent edged down from 1.3% in the second quarter to 1.2% in the third quarter. The report is generated from seven large national banks representing 22% of all outstanding residential mortgages.