WASHINGTON – Mortgages improved their performance during the third quarter compared with one year earlier, but quality has tapered off, according to data released by the Office of the Comptroller of the Currency.
Of the more than $5 trillion in outstanding mortgages at the largest banks, 88.6% were current and performing as of Q3, according to the OCC’s Mortgage Metrics Report. That’s up 88% from Q3 2011, but down one basis point from Q2 due to early-stage delinquencies. The percent of mortgages that are 30 to 59 days past due jumped more than 10% from the previous quarter and 3.6% from a year earlier. But the OCC dismissed the uptick, noting a positive trendline can be seen in new foreclosures, which declined 16.5% from the previous quarter and 27.4% from one year earlier