The Office of the Comptroller of the Currency today released the first quarter 2026 mortgage metrics report, which showed that 97.7% of first-lien mortgages in the federal banking system were current and performing at the end of the quarter. The figure was up from 97.4% during the previous quarter, and up from 97.6% from Q1 2025, according to the agency.
The percentage of seriously delinquent mortgages was 1.1% in Q1, unchanged from the previous quarter. Servicers initiated 7,818 new foreclosures in Q1, an increase from 7,519 foreclosures in the previous quarter.
Servicers completed 6,308 modifications during Q1, a 7.1% increase from the previous quarter’s 5,888 modifications, according to the OCC. Of these 6,308 modifications, 6,002, or 95.1%, 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 approximately 19.1% of all residential mortgage debt outstanding in the U.S. or approximately 10.2 million loans totaling $2.6 trillion in principal balances.
