OCC: Serious Delinquencies Down YOY At Major Banks

Seriously delinquent mortgages dropped by more than half year-over-year (YOY) at seven national banks, according to a report from the Office of the Comptroller of the Currency. Though the findings are optimistic, the banks in the study– Bank of America, Citibank, HSBC, JPMorgan Chase, PNC, U.S. Bank, and Wells Fargo– were handling almost 1,900 fewer loans YOY, complicating the final picture. Overall, the banks serviced about 12.5 million first-lien residential mortgage loans, totaling $2.59 trillion in unpaid principal balances. This is 23% of all U.S. residential mortgage debt. In Q3 2020, $2.866 trillion or 14,393 loans. The share of mortgages that were current at the end of Q3 2021 was 95.6%, up from 92.5% in Q3 2020. The seven banks…

September Delinquencies Dropped 41% YOY, Lowest Level In 18 Months

The national delinquency rate dropped below 4% for the first time in 18 months in September, according to Black Knight’s September 2021 “first look” report. It is a 2.3% drop from August and 41.3% lower year-over-year. And those numbers might have been even better if not for the impact on delinquencies a result of hurricanes in Louisiana, many in FEMA-declared disaster areas. Mississippi, West Virginia, Oklahoma, and Alabama ranked just below Louisiana for the highest percentages of non-current loans. Foreclosure starts also fell in September, coming down 45% from August. August saw spikes in foreclosure starts in the days following the Supreme Court’s decision to end the national moratorium. However, those increases were from historic lows, meaning the raw numbers…