According to the Office of the Comptroller of the Currency (OCC) report on the performance of first-lien mortgages held by the federal banking system during the first quarter of 2024 found that 97.4% of mortgages included in the report were performing and current, an increase of 0.2% from the previous quarter but a decrease of 97.6% from a year ago.
The OCC Mortgage Metrics Report is published quarterly to promote broader understanding of mortgage portfolio performance and modification activity in the federal banking system, support supervision of regulated institutions, and fulfill section 104 of the Helping Families Save Their Homes Act of 2009, as amended by section 1493(a) of the Dodd–Frank Wall Street Reform and Consumer Protection Act.
The percentage of seriously delinquent mortgages—mortgages that are 60 or more days past due and all mortgages held by bankrupt borrowers whose payments are 30 or more days past due—decreased from the previous quarter and has trended down since the first quarter of 2022.
All-in-all, servicers initiated 7,408 new foreclosures in the first quarter of 2024, a decrease from the previous quarter and from a year earlier.
They also completed 7,926 modifications during the first quarter of 2024, a 7.4% increase from the previous quarter’s 7,382 mods. Of these 7,926 modifications, 6,991, or 88.2%, were “combination modifications”—modifications that included multiple actions affecting the affordability and sustainability of the loan, such as an interest rate reduction and a term extension.
The first-lien mortgages included in the OCC’s quarterly report comprise 21.4% of all residential mortgage debt outstanding in the United States or approximately 11.5 million loans totaling $2.8 trillion in principal balances.
Click here for a PDF of the report in its entirety.
