OCC and OTS Mortgage Metrics Report

New in this Report

Building on information on the affordability and sustainability of loan modifications in the fourth quarter 2008 report, this report expands the categories describing changes in monthly payments as a result of modifications.  The new categories include modifications that increased principal and interest payments, left payments unchanged, decreased payments by less than 10 percent, decreased payments from 10 percent to less than 20 percent, and decreased payments by 20 percent or more.  The amount of change in payment is then shown in relation to modification performance over time.

The report also presents new information on the types of modifications made on the loans in the servicing portfolio.  The information shows whether a modification capitalized missed payments and fees, reduced or froze the interest rate, extended the term of the loan, deferred or reduced principal, or included a combination of these features.

As another indicator of modification performance, the report presents the status of all modifications implemented since the beginning of 2008 to show the number that were current, in various stages of delinquency, paid in full, or in foreclosure as of the end of the first quarter of 2009.

The report presents new performance data on loans serviced for Freddie Mac and Fannie Mae, and separately on the loans insured by the FHA and Department of Veterans Affairs (VA), which are mostly held within Ginnie Mae securities.

Because this is the first report to include five quarters of data, the report includes quarter-to-quarter and year-to-year comparisons where appropriate.  In tables throughout this report, the quarters are indicated by the last day of the quarter (e.g., 3/31/2009), quarter-to-quarter changes are shown under the column "1Q %Change," and year-to-year changes are shown under the column "1Y %Change."

In addition to supporting bank and thrift supervision, the changes and additional information provided in this report are consistent with the requirements of the Helping Families Save Their Homes Act of 2009.