Mortgage Metrics Report: Share of performing mortgages rises in Q4

The share of current and performing first-lien mortgages in the fourth quarter of 2022 was 97.1%, up from 96.4% a year ago, according to the Mortgage Metrics Report released by the OCC on Friday. Servicers initiated 9,166 new foreclosures in the fourth quarter, a decrease from the prior quarter but up from a year ago.

Mortgages that were considered seriously delinquent held steady 1.3% from the previous quarter, while loans that were 30 to 59 days delinquent ticked up from 1.2% in the third quarter to 1.3% in the fourth quarter. The report is generated from seven large national banks representing 22% of all outstanding residential mortgages.