OCC Reports Improvement in Mortgage Performance — 2021-12-10

WASHINGTON— The Office of the Comptroller of the Currency (OCC) reported that the performance of first-lien mortgages in the federal banking system improved during the third quarter of 2021. The OCC Mortgage Metrics Report, Third Quarter 2021 showed that 95.6 percent of mortgages included in the report were current and performing at the end of the third quarter of 2021 compared to 92.5 percent at the end of the third quarter of 2020. 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 3.1 percent in the third quarter of 2021, compared to 3.8 percent in the prior quarter and 5.8 percent a year ago. Servicers initiated 925 new foreclosures during the third quarter of 2021­, a 56.3 percent increase from the previous quarter and a 150.7 percent increase from a year ago.