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 2025.
The OCC Mortgage Metrics Report, First Quarter 2025 showed that 97.6 percent of mortgages included in the report were current and performing at the end of the quarter, an increase from 97.4 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 – decreased from the first quarter of 2024.
Servicers initiated 10,667 new foreclosures in the first quarter of 2025 showing an increase from the previous quarter and an increase from a year earlier.
Servicers completed 7,889 modifications during the first quarter of 2025, a 7.6 percent increase from the previous quarter’s 7,332 modifications. Of these 7,889 modifications, 7,267, or 92.1 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 20.1 percent of all residential mortgage debt outstanding in the United States or approximately 10.9 million loans totaling $2.7 trillion in principal balances.
This report provides information on mortgage performance through March 31, 2025, and is available on the OCC’s website.
