OCC Reports Mortgage Performance for First Quarter of 2024

Summary

For the first quarter of 2024, 97.4 percent of mortgages included in the report were current and performing at the end of the quarter, an increase from the 97.2 percent in fourth quarter 2023, and a decrease from the 97.6 percent a year ago.

The percentage of seriously delinquent mortgages decreased from the previous quarter and has trended down since the first quarter of 2022.

Servicers initiated 7,408 new foreclosures in the first quarter of 2024, a decrease from the previous quarter and from a year earlier.

Servicers completed 7,926 modifications during the first quarter of 2024, a 7.4 percent increase from the previous quarter’s 7,382 modifications. Of these 7,926 modifications, 6,991, or 88.2 percent, were “combination modifications.”

The first-lien mortgages included in the OCC’s quarterly report comprise 21.4 percent of all residential mortgage debt outstanding in the United States or approximately 11.5 million loans totaling $2.8 trillion in principal balances.

This report provides information on mortgage performance through March 31, 2024.