Mortgage Performance Declines in First Quarter 2021 — 2021-06-28

WASHINGTON—The Office of the Comptroller of the Currency (OCC) reported that the performance of first-lien mortgages in the federal banking system declined during the first quarter of 2021. The OCC Mortgage Metrics Report, First Quarter 2021 showed that 94.2 percent of mortgages included in the report were current and performing at the end of the quarter, compared to 96.5 percent a year earlier due to the COVID-19 pandemic. The percentage of seriously delinquent mortgages—mortgages that are 60 or more days past due and all mortgages held by bankrupt borrowers whose payments are 30 or more days past due—was 4.6 percent in the first quarter of 2021, compared to 5.2 percent in the prior quarter and 1.4 percent a year ago. Servicers initiated 833 new foreclosures during the first quarter of 2021­, a 5.6 percent increase from the previous quarter and a 95.8 percent decrease from a year ago.