OCC releases second quarter mortgage report

The Office of the Comptroller of the Currency today released the second quarter Mortgage Metrics Report, which showed that 97.3% of first-lien mortgages in the federal banking system were current and performing at the end of the quarter, compared with 97.6% in Q1. Performance improved compared to Q2 2022, when 97% of mortgages were current and performing, according to the agency.

The percentage of seriously delinquent mortgages was 1.1% in Q2, the same as the previous quarter, and a decrease compared to 1.5% a year ago. Servicers initiated 7,480 new foreclosures in the quarter, a decrease from the prior quarter and from a year earlier. The new foreclosure volume was lower than pre-COVID-19 pandemic foreclosure volumes.

The first-lien mortgages included in the OCC’s quarterly report comprise 22% of all residential mortgage debt outstanding in the U.S., or approximately 12 million loans totaling $2.8 trillion in principal balances.