Tag Archives: First-Lien Mortgages

Overall mortgage performance was on the upswing in the first quarter of 2023, as the OCC reported banks serviced approximately 12 million first-lien residential mortgage loans with $2.7 trillion in unpaid principal balances—representing 22% of all residential mortgage debt outstanding nationwide.

The OCC’s latest Mortgage Metrics Report found that mortgage servicers nationwide initiated 9,166 new foreclosures in the fourth quarter of 2022, a decrease from Q3’s totals but a higher volume than recorded in Q4 2021.

“With prices beginning to decline in selected metro areas and many more to follow over the next couple years, mortgage lenders and investors will have to tighten underwriting standards and increase selectivity until house prices bottom,” said Dennis Capozza, Professor Emeritus of Finance in the Ross School of Business at the University of Michigan.

The latest OCC Mortgage Metrics Report found that 97.2% of mortgages included in the report were current and performing at the end of Q3 2022. Click through to learn how this compares to last year’s metrics.

According to a monthly report from the S&P Dow Jones Indices and Experian, the most popular types of consumer defaults remained steady. Click through to see which metropolitan areas saw the most significant default shifts.

Reporting data for August 2022, S&P and Experian found defaults for first-lien mortgages held steady for the second month in a row. Click through to learn the details.

Despite rising prices and speculation about looming recession, the Office of the Comptroller of the Currency reports that the performance of first-lien mortgages held by the federal banking system improved throughout the course of Q2 2022.

The percentage of seriously delinquent mortgage loans, which are those 60 days or more past due or held by borrowers in bankruptcy whose payments are 30 days or more past due, was 3.1 percent in Q4 – a decline of 0.9 percent from the previous quarter and 12.2 percent year-over-year, according to the OCC.