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WASHINGTON—The Office of the Comptroller of the Currency (OCC) reported on the performance of first-lien mortgages in the federal banking system during the first quarter of 2024.

The OCC Mortgage Metrics Report, First Quarter 2024 showed that 97.4 percent of mortgages included in the report were current and performing at the end of the quarter, an increase from the 97.2 percent in fourth quarter 2023, and a decrease from the 97.6 percent a year ago.

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—decreased from the previous quarter and has trended down since the first quarter of 2022.

Servicers initiated 7,408 new foreclosures in the first quarter of 2024, a decrease from the previous quarter and from a year earlier.

Servicers completed 7,926 modifications during the first quarter of 2024, a 7.4 percent increase from the previous quarter’s 7,382 modifications. Of these 7,926 modifications, 6,991, or 88.2 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 21.4 percent of all residential mortgage debt outstanding in the United States or approximately 11.5 million loans totaling $2.8 trillion in principal balances.

This report provides information on mortgage performance through March 31, 2024, and is available on the OCC’s website.

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