OCC report indicates continued improvement in mortgage performance for the third quarter of 2013

A report recently issued by the Office of the Comptroller of the Currency (OCC) indicates that "strengthening economic conditions, servicing transfers of home mortgages, home retention efforts and home forfeiture actions contributed to improved performance of home mortgages in the third quarter of 2013" (See our Sept 27, 2013, blog post for more information). Mortgages analyzed in the OCC Mortgage Metrics Report for the Third Quarter of 2013 comprise 50 percent of all mortgages outstanding in the United States – 25.6 million loans totaling $4.4 trillion in principal balances. The percentage of mortgages that were current and performing at the end of the quarter, September 30, 2013, was 91.4 percent, up from 90.6 percent during the previous quarter and also up from 88.6 percent a year earlier. The number of loans in the foreclosure process at the end of the third quarter of 2013 fell to 604,763, down 47.8 percent from this quarter last year. "Improved economic conditions, foreclosure prevention assistance and transfer of loans" were credited with contributing to the reduction in foreclosure activity. For more, read the full news release.

Office of the Comptroller of the Currency