Mortgage Performance Improvement Continues

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On September 25, the OCC reported that the performance of first-lien mortgages serviced by large national and federal savings banks improved from a year earlier. The OCC Mortgage Metrics Report, Second Quarter 2014, showed 92.9% of mortgages were current and performing at the end of the quarter, compared with 90.6% a year earlier. The percentage of mortgages that were 30 to 59 days past due decreased 17.3% from a year earlier to 2.4% of the portfolio. Seriously delinquent mortgages—60 or more days past due or held by bankrupt borrowers whose payments are 30 days or more past due—decreased 17.0% from a year earlier. Report.

DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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