OCC Reports Improvement in Overall Mortgage Performance — 2022-06-27

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 first quarter of 2022. The OCC Mortgage Metrics Report, First Quarter 2022 showed that 96.9 percent of mortgages included in the report were current and performing at the end of the quarter, compared to 94.2 percent a year earlier. 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 1.8 percent in the first quarter of 2022, compared to 2.3 percent in the prior quarter and 4.6 percent a year ago. Servicers initiated 19,524 new foreclosures in the first quarter of 2022, an increase from the prior quarter and a year earlier.