OCC Reports Mortgage Performance for Third Quarter of 2024

Summary

97.4 percent of mortgages included in the report were current and performing at the end of the quarter, a slight increase from 97.3 percent one year earlier.

The percentage of seriously delinquent mortgages - mortgages that are 60 or more days past due and all mortgages held by bankrupt borrowers whose payments are 30 or more days past due - increased from the prior quarter; however, it has decreased from the third quarter of 2023.

Servicers initiated 6,693 new foreclosures in the third quarter of 2024 showing an increase from the previous quarter and a decrease from the third quarter 2023.

Servicers completed 7,450 modifications during the third quarter of 2024, a 0.5 percent decrease from the previous quarter's 7,488 modifications. Of these 7,450 modifications, 6,885, or 92.4 percent, 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 percent of all residential mortgage debt outstanding in the United States or approximately 11.2 million loans totaling $2.8 trillion in principal balances.

This report provides information on mortgage performance through September 30, 2024, and is available on the OCC's website.