WASHINGTON—The Office of the Comptroller of the Currency is reporting that of the first-lien residential mortgages included in its quarterly mortgage performance report, 97.2% were current and performing at the end of the third quarter, up from 95.6% a year ago.
According to the OCC, the first-lien mortgages included in its report comprise 22% of all residential mortgage debt outstanding in the United States, or approximately 12 million loans totaling $2.7 trillion in principal balances.
The Data Points
Other data points in the OCC report include:
- 1.3% of mortgages were seriously delinquent in the third quarter, down from 1.5% in the previous quarter and 3.1% a year ago. The OCC said seriously delinquent mortgages include those 60 or more days past due and all mortgages held by bankrupt borrowers whose payments are 30 or more days past due.
- Servicers initiated 9,835 new foreclosures during Q3, down from the previous quarter but up from a year earlier. The OCC said the new foreclosure volume in the third quarter of 2022 is lower than pre-COVID-19 pandemic foreclosure volumes.
- Servicers completed 16,160 modifications during Q3 of 2022, a 42.5% decrease from the previous quarter. Of the 16,160 modifications completed during the quarter, 11,696, or 72.4%, reduced the loan’s pre-modification monthly payment, and 15,037 or 93.1%, were “combination modifications.” According to the OCC, such modifications included multiple actions affecting the affordability and sustainability of the loan, such as an interest rate reduction and a term extension.
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