OCC Reports Improvement in Overall Mortgage Performance — 2022-12-15

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 2022. The OCC Mortgage Metrics Report, Third Quarter 2022 showed that 97.2 percent of mortgages included in the report were current and performing at the end of the quarter, compared to 95.6 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 1.3 percent in the third quarter of 2022, compared to 1.5 percent in the prior quarter and 3.1 percent a year ago. Servicers initiated 9,835 new foreclosures in the third quarter of 2022, a decrease from the prior quarter, but a higher volume than a year earlier.