OCC Reports Mortgage Performance for Second Quarter of 2024

Summary

For the second quarter of 2024, 97.3 percent of mortgages included in the Mortgage Metrics Report were current and performing at the end of the quarter, a decrease from the 97.4 percent in first quarter 2024, and unchanged from the 97.3 percent a year ago.

The percentage of seriously delinquent mortgages decreased from the previous quarter and has trended down since the second quarter of 2023.

Servicers initiated 6,295 new foreclosures in the second quarter of 2024, a decrease from the previous quarter and from a year earlier.

Servicers completed 7,488 modifications during the second quarter of 2024, a 5.5 percent decrease from the previous quarter’s 7,926 modifications. Of these 7,488 modifications, 6,809 or 90.9 percent, were “combination modifications.”

The first-lien mortgages included in the OCC’s quarterly report comprise 21.3 percent of all residential mortgage debt outstanding in the United States or approximately 11.3 million loans totaling $2.8 trillion in principal balances.

This report provides information on mortgage performance through June 30, 2024.