Government Report Lays Out Q1 Mortgage Performance Data

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. 

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Kyle G. Horst

Kyle G. Horst is a reporter for MortgagePoint. A graduate of the University of Texas at Tyler, he has worked for a number of daily, weekly, and monthly publications in South Dakota and Texas. With more than 10 years of experience in community journalism, he has won a number of state, national, and international awards for his writing and photography including best newspaper design by the Associated Press Managing Editors Group and the international iPhone photographer of the year by the iPhone Photography Awards. He most recently worked as editor of Community Impact Newspaper covering a number of Dallas-Ft. Worth communities on a hyperlocal level. Contact Kyle G. at
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