The Office of the Comptroller of the Currency today released the first quarter 2025 mortgage metrics report, which showed that 97.6% of first-lien mortgages in the federal banking system were current and performing at the end of the quarter. The figure was up from 97.3% during the previous quarter and up from 97.4% from Q1 2024, according to the agency.
The percentage of seriously delinquent mortgages was 1% in Q1, down from 1.1% during the previous quarter and 1.1% a year ago, according to the OCC. Servicers completed 7,889 modifications during Q1, a 7.6% increase from the previous quarter’s 7,332 modifications. Of the modifications, 7,267, or 92.1%, 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 20.1% of all residential mortgage debt outstanding in the U.S. or approximately 10.9 million loans totaling $2.7 trillion in principal balances.
