OCC Reports Mortgage Performance for Fourth Quarter of 2023

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 fourth quarter of 2023.

The OCC Mortgage Metrics Report, Fourth Quarter 2023 showed that 97.2 percent of mortgages included in the report were current and performing at the end of the quarter, an increase from the 97.1 percent in fourth quarter 2022, and a decrease from the previous quarter’s 97.3 percent.

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 trended down since the fourth quarter of 2021.

Servicers initiated 8,320 new foreclosures in the fourth quarter of 2023, a decrease from a year earlier and from the previous quarter.

Servicers completed 7,382 modifications during the fourth quarter of 2023, a 0.7 percent decrease from the previous quarter’s 7,436 modifications. Of these 7,382 modifications, 6,416 or 86.9 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 22.2 percent of all residential mortgage debt outstanding in the United States or approximately 11.7 million loans totaling $2.9 trillion in principal balances.

This report provides information on mortgage performance through December 31, 2023, and is available on the OCC’s website, www.occ.gov.

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