OCC Sees Decline In Mortgage Performance
September 25, 2020
The OCC Mortgage Metrics Report, Second Quarter 2020 showed 91.1 percent of mortgages included in the report were current and performing at the end of the quarter, compared to 96.1 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— increased 5.4 percent from the previous quarter and 5.3 percent from a year ago.
Servicers initiated 249 new foreclosures during the second quarter of 2020, a 98.7 percent decrease from the previous quarter and a 98.8 percent decrease from a year ago. Events associated with COVID-19, including foreclosure moratoriums during the second quarter of 2020, caused significant decreases in these metrics.
The first-lien mortgages included in the Office of the Comptroller of the Currency's quarterly report comprise 28 percent of all residential mortgages outstanding in the United States or approximately 15 million loans totaling $2.97 trillion in principal balances. This report provides information on mortgage performance through June 30, 2020.