On March 24, the OCC published its Mortgage Metrics Report for the fourth quarter of 2024. The Report analyzed the performance of first-lien residential mortgage loans serviced by seven national banks in the U.S. As of December 31, 2024, these banks serviced approximately 11.1 million loans, with an unpaid principal balance of $2.7 trillion, representing 20.2 percent of all residential mortgage debt in the country. The report showed an improvement in overall mortgage performance compared to the previous year, with 97.3 percent of mortgages current and performing, slightly up from 2023. Servicers initiated 6,647 new foreclosures, which was fewer than one year earlier, and home forfeiture actions dropped by 26.9 percent from the previous year.
The report detailed the number and types of loan modifications completed, with 7,332 modifications in the fourth quarter, a slight decrease from the previous quarter. Of these, 93.7 percent were combination modifications involving multiple actions to enhance loan affordability and sustainability. The report also highlighted the performance of modified loans, noting that 27.9 percent of loans modified in the second quarter of 2024 were 60 or more days delinquent following six months. Finally, the report provided data on the composition of loans by borrower risk category, the number of loans in delinquency, and the changes in monthly principal and interest payments by state.
