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OCC and OTS Mortgage Metrics Report
First Quarter 2009
Re-Default Rates of Modified Loans: 60 or More Days Delinquent
The percentage of loans that were 60 or more days delinquent or in the process of foreclosure rose steadily in the months subsequent to modification for all vintages where data were available.19It is noteworthy that modifications implemented in the first two quarters of 2008 re-defaulted at a lower rate than those in the third quarter, measured at the same number of months after modification. Those modifications implemented in the fourth quarter of 2008 have re-defaulted at a slightly lower rate than the preceding quarter. However, it is too early to determine whether the data for the fourth quarter portend a sustained improvement in performance resulting from recent changes to modification practices.
Modified Loans 60 orMore Days Delinquent
(60+ Re-Default Rate for 2008 Modifications) |
Modification Date |
Three Months after Modification |
Six Months after Modification |
Nine Months after Modification |
12 Months
after Modification20 |
First Quarter |
23.2% |
36.7% |
45.7% |
52.1% |
Second Quarter |
28.2% |
44.0% |
49.8% |
-- |
Third Quarter |
31.8% |
46.1% |
-- |
-- |
Fourth Quarter |
29.1% |
-- |
-- |
-- |
19 Data include only those modifications that have had sufficient time to age the indicated number of months.
20 Re-default rates will be different from the March 31, 2009, loan status data reported on page 27. The re-default data include only those modified loans that are still active at the end of the indicated number of months after the modification. The status table reflects the current status of all loans modified during the quarter, including those that are no longer active (repaid, foreclosed, or otherwise removed from the servicing system). In addition, there are various servicing system processing differences that may have a lesser effect on the reported data.
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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
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