OCC Reports Mortgage Performance for Second Quarter of 2024
WASHINGTONâThe Office of the Comptroller of the Currency (OCC)
reported on the performance of first-lien mortgages in the federal
banking system during the second quarter of 2024.
The OCC
Mortgage Metrics Report, Second Quarter 2024 showed that 97. 3 percent
of mortgages included in the report were current and performing at the
end of the quarter, a decrease from the 97. 4 percent in first quarter
2024, and unchanged from the 97. 3 percent a year ago.
The
percentage of seriously delinquent mortgagesâmortgages that are 60
or more days past due and all mortgages held by bankrupt borrowers
whose payments are 30 or more days past dueâremained stable from the
previous quarter and a year ago.
Servicers initiated 6,295
new foreclosures in the second quarter of 2024, a decrease from the
previous quarter and from a year earlier.
Servicers completed
7,488 modifications during the second quarter of 2024, a 5. 5 percent
decrease from the previous quarterâs 7,926 modifications. Of these
7,488 modifications, 6,809, or 90. 9 percent, were âcombination
modificationsââmodifications 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 OCCâs quarterly report comprise 21. 3
percent of all residential mortgage debt outstanding in the United
States or approximately 11. 3 million loans totaling $2. 8 trillion in
principal balances.
This report provides information on
mortgage performance through June 30, 2024, and is available on the
OCCâs website. Related Link