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57 57 57 INVESTMENT GOVERNMENT PROPERTY PRESERVATION Journal Follow Us At: @DSNewsDaily OCC: OVERALL MORTGAGE PERFORMANCE IMPROVED IN Q3 2022 e Office of the Comptroller of the Currency (OCC) reported that the performance of first-lien mortgages in the federal banking system improved during Q3 2022. e OCC Mortgage Metrics Report, ird Quarter 2022 showed that 97.2% of mortgages included in the report were current and per- forming at the end of the quarter, compared to 95.6% a year earlier. is latest report from the OCC presents performance data for the third quarter of 2022 for loans that the reporting banks own or service for others as a fee-based business. e data collected reflects a portion of first-lien residential mortgages in the country. e characteristics of the loans included here may differ from the overall population. e loans included are not a statistically representative, random sample. e report excludes junior liens, home equity lines of credit, and home equity conversion mortgages (reverse mortgages). For loans in forbearance covered by the Coronavirus Aid, Relief, and Economic Securi- ty (CARES) Act, reporting banks are following guidance from the U.S. Department of Housing and Urban Development (HUD), Federal Housing Finance Administration (FHFA), and the respective government agencies and gov- ernment-sponsored entities for the calculation and reporting of delinquency and credit bureau reporting. e percentage of seriously delinquent mort- gages, defined as mortgages 60 or more days past due and all mortgages held by bankrupt borrowers whose payments are 30 or more days past due, was 1.3% in Q3 of 2022, compared to 1.5% in the prior quarter, and 3.1% year over year. Nationwide, mortgage servicers initiated 9,835 new foreclosures in Q3 2022, a decrease from the prior quarter, but a higher volume than a year earlier. e new foreclosure volume in Q3 2022 was lower than pre-COVID-19 pandemic foreclosure volumes. Mortgage servicers completed 16,160 modifications during Q3 2022, a 42.5% decrease from the previous quarter. Of the 16,160 mod- ifications completed during Q3, 11,696 (72.4%) reduced the loan's pre-modification monthly payment, and 15,037 (93.1%) were "combination modifications"—modifications that included multiple actions impacting the affordability and sustainability of the loan, such as an interest rate reduction and a term extension. e first-lien mortgages included in the OCC's Quarterly Report comprise 22% of all residential mortgage debt outstanding in the United States or approximately 12 million loans totaling $2.7 trillion in principal balances. e OCC's Mortgage Metrics Report is published quarterly to promote a broader un- derstanding of mortgage portfolio performance and modification activity in the federal banking system, support supervision of regulated insti- tutions, and fulfill Section 104 of the Help- ing Families Save eir Homes Act of 2009 (codified at 12 USC 1715z-25), as amended by section 1493(a) of the Dodd–Frank Wall Street Reform and Consumer Protection Act.