WASHINGTON (6/28/12)--Mortgage portfolios at national banks and federal savings and loans are performing much better, according to a report released Wednesday by the Office of the Comptroller of the Currency, and delinquencies associated with first lien loans is at its lowest level in three years.
The OCC Mortgage Metrics Report for the First Quarter of 2012 also shows that percentages of mortgages that were 30 to 59 and 60 to 89 days delinquent also decreased to their lowest levels since the OCC began publishing its report on mortgage performance in first quarter of 2008.
The OCC attributed the improved performance to such factors as strengthening economic conditions during the quarter, seasonal effects, servicing transfers, and the "ongoing effects of home retention programs as well as home forfeiture actions."
The OCC said the large number of delinquent loans continues to work through the loss mitigation process, and the number of new foreclosures initiated during the quarter decreased to 286,951—down 1.8% from the previous quarter. The inventory of foreclosures in process increased from the previous quarter to 1,269,921, but is down from 1,308,757 a year ago, the report shows.
Use the resource link below to access the OCC report and to see the Credit Union National Association's most recent Credit Union Monthly Estimates.