The Office of the Comptroller of the Currency today released the third quarter 2024 mortgage metrics report, which showed that 97.4% of first-lien mortgages in the federal banking system were current and performing at the end of the quarter. The figure was up slightly from 97.3% during the previous quarter and from Q3 2023, according to the agency.
The percentage of seriously delinquent mortgages was 1.1% in Q3, unchanged from both the previous quarter and a year ago, according to the OCC. Servicers initiated 6,693 new foreclosures, an increase from 6,295 the prior quarter and a decrease from 8,965 a year earlier. The agency also reported that servicers completed 7,450 modifications during Q3, a 0.5% decrease from the previous quarter’s 7,488 modifications. Of the 7,450 modifications, 6,885 or 92.4% 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 21.1% of all residential mortgage debt outstanding in the U.S. or approximately 11.2 million loans totaling $2.8 trillion in principal balances.
