OCC and OTS Mortgage Metrics Report

First Quarter 2009

PART II: Home Retention Actions

Home retention actions seek to help keep borrowers in their homes while mitigating risk for servicers and investors. One type of home retention action is loan modification, in which servicers modify one or more mortgage terms. Another type is a payment plan. In this case, no terms are contractually modified, but borrowers are given time to catch up on missed payments or are allowed to demonstrate the ability to meet amended terms in anticipation of a formal modification.

return to top >

< previous | next >

Contents

Executive Summary

About Mortgage Metrics

New in this Report

Definitions and Methods

PART I: Mortgage Performance

Overall Mortgage Portfolio

Overall Mortgage Performance

Performance of Government-Guaranteed Mortgages

Performance of GSE Mortgages

Seriously Delinquent Mortgages, by Risk Category

Mortgages 30-59 Days Delinquent, by Risk Category

PART II: Home Retention Actions

A. Loan Modifications and Payment Plans

Newly Initiated Home Retention Actions

Newly Initiated Home Retention Actions Relative to Newly Initiated Foreclosures

Types of Modifications

Types of Modifications, by Risk Category

Types of Modifications, by Investor

Changes to Monthly Payments Due to Modification

Changes to Monthly Payments Due to Modifications, by Quarter

B. Modified Loan Performance

Status of Modified Loans

Re-Default Rates of Modified Loans: 60 or More Days Delinquent

Re-Default Rates of Modified Loans: 30 or More Days Delinquent

Re-Default Rates of Modified Loans: 90 or More Days Delinquent

Re-Default Rate, by Investor (60 or More Days Delinquent)

C. Modified Loan Performance, by Change in Monthly Payments

Modified Loans 60 or More Days Delinquent, by Changes to Monthly Payments: Re-Default Rate at Three, Six, Nine, and 12 Months after Modification

Modified Loans Delinquent after Six Months, by Changes to Monthly Payments: Re-Default Rates Using Varying Definitions

Part III: Home Forfeiture Actions: Foreclosures, Short Sales, and Deed-in-Lieu-of-Foreclosure Actions

Completed Foreclosures and Other Home Forfeiture Actions

Newly Initiated Foreclosures

Foreclosures in Process

Completed Foreclosures

Home Retention Actions Relative to Forfeiture Actions, by Risk Category

Appendixes

Appendix A-New Loan Modifications

Appendix B-New Payment Plans

Appendix C-Breakdown of Individual and Combined Modification Actions

Appendix D-Short Sales and Deed-in-Lieu-of-Foreclosure Actions

The Office of the Comptroller of the Currency was created by Congress to charter national banks, to oversee a nationwide system of banking institutions, and to assure that national banks are safe and sound, competitive and profitable, and capable of serving in the best possible manner the banking needs of their customers.