Seriously delinquent mortgages increased in the third quarter, the regulator of national banks said in a report Tuesday, although the number of performing current loans were up slightly.
According to the Office of the Comptroller of the Currency (OCC), seriously delinquent loans (those that are 60 or more days past due and all mortgages held by bankrupt borrowers whose payments are 30 or more days past due) jumped from 120,000 in the second quarter to 122,000 in the third quarter at national banks and federal savings associations. However, the agency said, the delinquent loans are down from the prior year, when 161,000 were seriously delinquent.
The OCC revealed the mortgage performance in its OCC Mortgage Metrics Report, Third Quarter 2024.
As for performing mortgages, the OCC report showed that 97.4% of mortgages were current and performing at the end of the quarter, a slight increase from 97.3% at the end of the 2023 third quarter.
The agency also reported for the third quarter:
- Mortgage servicers initiated 6,693 new foreclosures in the third quarter of 2024, 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% decrease from the previous quarter’s 7,488 modifications. Of these 7,450 modifications, 6,885, or 92.4%, 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.
- First-lien mortgages comprise 21.1% of all residential mortgage debt outstanding in the United States or approximately 11.2 million loans totaling $2.8 trillion in principal balances.
OCC Reports Mortgage Performance for Third Quarter of 2024
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