OCC and OTS Mortgage Metrics Report
First Quarter 2009
B. Modified Loan Performance
Status of Modified Loans
Also new to the report are data on the sustainability of modifications by vintage, comparing the performance of modifications implemented quarter by quarter during 2008 and in the fourth quarter of 2008. Thus, this data show the status after 12 months of modifications implemented in the first quarter 2008—29.5 percent current; 33 percent severely delinquent; and 17 percent gone to foreclosure—and the status after 90 days of modifications implemented in the fourth quarter of 2008—48.2 percent current; 27.1 percent severely delinquent; and 5.4 percent going to foreclosure. The higher delinquencies and foreclosures noted for older vintage modifications at least partially reflect the normal increase in defaults over time. As we obtain additional performance data on more recent loan modifications we will be able to determine if they compare favorably with older vintage modifications. This is especially important given the number of changes made to loan modification programs since the beginning of 2008.
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Status of Loans Modifications as of March 31, 2009
(Percentage of Modifications Made in Each Quarter) |
|
3/31/2008 |
6/30/2008 |
9/30/2008 |
12/31/2008 |
3/31/2009 |
Current and Performing |
29.5% |
31.6% |
35.5% |
48.2% |
64.0% |
30-59 days Delinquent |
9.4% |
9.7% |
11.3% |
14.3% |
10.3% |
60 or More Days Delinquent |
33.0% |
37.6% |
37.0% |
27.1% |
21.7% |
In Process of Foreclosure |
12.6% |
11.7% |
9.4% |
5.4% |
2.4% |
Completed Foreclosure |
4.2% |
1.8% |
0.5% |
0.2% |
0.1% |
Short Sale or Deed-in-Lieu of Foreclosure |
0.1% |
0.1% |
0.1% |
0.03% |
0.01% |
Paid in Full |
2.5% |
1.6% |
1.0% |
0.4% |
0.1% |
Other Liquidation18 |
8.9% |
6.0% |
5.7% |
4.5% |
1.3% |
Status of Loans Modified in Each Quarter of 2008 as of March 31, 2009
(Number of Modifications Made in Each Quarter) |
|
3/31/2008 |
6/30/2008 |
9/30/2008 |
12/31/2008 |
3/31/2009 |
Total |
68,001 |
127,940 |
114,142 |
119,220 |
185,156 |
Current and Performing |
20,022 |
40,439 |
40,556 |
57,403 |
118,542 |
30-59 days Delinquent |
6,364 |
12,395 |
12,947 |
17,023 |
19,132 |
60 or More Days Delinquent |
22,460 |
48,061 |
42,203 |
32,311 |
40,255 |
In Process of Foreclosure |
8,546 |
14,921 |
10,729 |
6,469 |
4,525 |
Completed Foreclosure |
2,836 |
2,338 |
594 |
212 |
140 |
Short Sale or Deed-in-Lieu of Foreclosure |
54 |
99 |
72 |
31 |
10 |
Paid in Full |
1,672 |
2,011 |
1,152 |
467 |
101 |
Other Liquidation |
6,047 |
7,676 |
5,889 |
5,304 |
2,451 |
18 Other liquidations include loans sold, transferred, or otherwise removed from the servicing portfolios of reporting institutions that are not included in other categories.
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