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On June 27, 2022, the Office of the Comptroller of the Currency
(OCC) released its First Quarter 2022 Mortgage Metrics Report on the status
of first-lien home mortgages held by seven national banks with
large servicing portfolios. This quarter, the reporting banks
serviced approximately 12.2 million first-lien residential
mortgages, with an unpaid principal balance of $2.6T, representing
22% of all outstanding residential mortgage debt.
The OCC reported that mortgage performance continued to improve.
96.9% of all mortgages were current and performing, an increase
from 94.2% the year earlier. Seriously delinquent
mortgages—those sixty or more days past due, or thirty or
more days past due for borrowers in bankruptcy—declined to
1.8% from 2.3% in the prior quarter and 4.6% a year earlier. The
servicers modified 42,427 mortgages, a 10.7% decline from the prior
quarter, with most modifications reducing the borrowers’
payments by reducing the interest rate or increasing the loan term.
Finally, servicers reported an increase in beginning foreclosure
activity, to pre-pandemic levels, and an increase in home
forfeiture completions, foreclosures, short sales, and
deeds-in-lieu, to 2,410, a 26.8% increase from a year earlier.
Reprinted with permission from the American Bar
Association’s Business Law Today June Month-In-Brief:
Business Regulation & Regulated Industries.
The content of this article is intended to provide a general
guide to the subject matter. Specialist advice should be sought
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