The Office of the Comptroller of the Currency today released the second quarter 2024 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. The figure was down slightly from 97.4% during the previous quarter and unchanged from Q2 2023, according to the agency.
The percentage of seriously delinquent mortgages was 1.1% in Q2, unchanged from both the previous quarter and a year ago, according to the OCC. Servicers initiated 6,295 new foreclosures, a decrease from 7,408 the prior quarter and 7,480 a year earlier. The agency also reported that servicers completed 7,488 modifications during Q2, a 5.5% decrease from the previous quarter’s 7,926 modifications. Of the 7,488 modifications, 6,809 or 90.9%, 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 report comprise 21.3% of all residential mortgage debt outstanding in the U.S. or approximately 11.3 million loans totaling $2.8 trillion in principal balances.
