The Office of the Comptroller of the Currency today released the fourth 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 up from 97.2% from Q4 2023, according to the agency.
The percentage of seriously delinquent mortgages was 1.1% in Q4, unchanged from both the previous quarter and down from 1.2% a year ago, according to the OCC. Servicers completed 7,332 modifications during Q4, a 1.6% decrease from the previous quarter’s 7,450 modifications. Of the modifications, 6,872 or 93.7% 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 20.2% of all residential mortgage debt outstanding in the U.S. or approximately 11.1 million loans totaling $2.7 trillion in principal balances.
