OCC Reports Mortgage Performance for Second Quarter of 2023
Industry Update
September 27, 2023
Source: Office of the Comptroller of the Currency
The Office of the Comptroller of the Currency (OCC) reported on the performance of first-lien mortgages in the federal banking system during the second quarter of 2023.
The OCC Mortgage Metrics Report, Second Quarter 2023 showed that 97.3 percent of mortgages included in the report were current and performing at the end of the quarter, compared with 97.6 percent in the first quarter 2023. Performance improved compared to second quarter 2022 when 97.0 percent of mortgages were current and performing.
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 1.1 percent in the second quarter of 2023, the same as the previous quarter, and a decrease compared to 1.5 percent a year ago.
Servicers initiated 7,480 new foreclosures in the second quarter of 2023, a decrease from the prior quarter and from a year earlier. The new foreclosure volume in the second quarter of 2023 is lower than pre-COVID-19 pandemic foreclosure volumes.
For full report, please click the source link above.