Markets & Economy

Mortgage performance up from a year ago

More than 94 percent of mortgages are current and performing, according to a survey encompassing 8 national banks

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The performance of first-lien mortgages serviced by eight national banks improved during the first quarter of 2015, with 94.2 percent of mortgages current and performing. According to the Office of the Comptroller of the Currency (OCC), this percent equates to a 1.1 percent increase in performance when compared to a year earlier -- when the percentage stood at 93.1. These findings are based on a portfolio of mortgages that account for nearly 44 percent of all residential mortgages currently outstanding. Of this portfolio, 58.6 percent of mortgages were serviced for Fannie Mae and Freddie Mac. These mortgages are performing better than average, with 97.4 percent current and performing. Overall, the percentage of mortgages that were 30 to 59 days past due represented 1.9 percent of the portfolio, a 7 percent decrease from a year earlier. Seriously delinquent mortgages -- those that are 60 or more days past due or held by bankrupt borrowers whose payments are 30 days ...