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OCC, OTS report shows mortgage performance steady in third quarter of 2010

The credit quality of first-lien mortgages serviced by large national banks and thrifts remained steady during the third quarter of 2010, but the pace of foreclosures increased, according to a report released Dec. 29.

The quarterly report by the Office of the Comptroller of the Currency and the Office of Thrift Supervision showed that 87.4 percent of the 33.3 million loans in the portfolio were current and performing at the end of the third quarter of 2010, a level unchanged from the previous quarter.

Although the percentage of seriously delinquent mortgages (60 or more days delinquent or delinquent loans to bankrupt borrowers) decreased by 6.4 percent from the previous quarter, the percentage of mortgages that were 30 to 59 days delinquent increased by 4.3 percent.

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