According to the OCC’s Mortgage Metrics Report for the Third Quarter of 2015, 93 point 9 percent of outstanding residential mortgages serviced by eight national banks—Bank of America, JPMorgan Chase, Citibank, HSBC, OneWest Bank, PNC, U.S. Bank, and Wells Fargo—were current and performing as of the end of Q3 2015. It was an improvement of nearly a full percentage point from the previous quarter a year ago, when 93 point 0 percent of mortgages for the eight banks were reported to be current and performing.
A larger share of current and performing first-lien mortgages has corresponded with a smaller share of the negative mortgage metrics such as serious delinquencies, foreclosure starts, and foreclosure inventory. Serious delinquencies, which are defined as 60 or more days overdue or held bankrupt by borrowers whose payments are 30 or more days overdue, comprised about 2 point 6 percent of the portfolio as of the end of Q3, which is a 16 percent drop from the end of Q3 2014.
Freddie Mac sellers and servicers can expect some changes regarding the way that they do business in the coming year. The GSE recently updated its Single-Family Seller-Servicer Guide bulletin with many changes to push the company's focus of making homeownership accessible to more first-time homebuyers and low-to-moderate-income borrowers. The announcement, sent out to all Freddie Mac sellers, stated that a new postsettlement delivery fee will be introduced in the coming year for Home Possible and Home Possible Advantage Mortgages, which will go into effect January 4, 2016.