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Financial Services Law Insights and Observations

OCC reports on mortgage performance

Bank Regulatory Federal Issues OCC Mortgages Consumer Finance

On September 15, the OCC released a report on the performance of first-lien mortgages in the federal banking system during the second quarter of 2022, providing information on mortgage performance through June 30. According to the OCC, 97 percent of mortgages were current and performing at the end of the quarter, compared to 95 percent a year earlier. The percentage of seriously delinquent mortgages was 1.5 percent in the second quarter of 2022, compared to 1.8 percent in the prior quarter and 3.8 percent a year ago. The report also found that servicers completed 28,109 modifications in the second quarter of 2022—a decrease of 33.7 percent from the previous quarter. Additionally, of the 28,109 mortgage modifications, 78.2 percent reduced borrowers’ monthly payments and 95.6 percent were “combination modifications,” which are modifications that include multiple actions affecting the affordability and sustainability of the loan, such as an interest rate reduction and a term extension.

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