OCC reports mortgage performance improvement

The OCC said the performance of first-lien mortgages in the federal banking system improved during the fourth quarter of 2021.

Details: According to the OCC Mortgage Metrics Report:

• 96.4% of mortgages included in the report were current and performing at the end of the quarter, up from 93.3% a year earlier.
• The percentage of seriously delinquent mortgages was 2.3%, down from 3.1% in the prior quarter and 5.2% a year ago.
• Servicers initiated 1,294 new foreclosures, a 39.9% increase from the previous quarter and a 64% increase from a year ago as foreclosure moratoriums ended.
• Servicers completed 47,488 modifications, an increase of 40.8% from the previous quarter.