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Silver Hill to present commercial session at upcoming NAMB 2008 Annual Convention in Indianapolis

National Mortgage Professional
Jun 03, 2008

Comptroller of the Currency unveils new report on mortgage performanceMortgagePress.comOCC, John Dugan, The OCC Mortgage Metrics Report The following are findings from a speech given by Comptroller of the Currency John C. Dugan, delivered to the American Securitization Forum on June 11. The speech previews findings from an upcoming report from the Office of the Comptroller of the Currency, "The OCC Mortgage Metrics Report." The report presents findings from data submitted on more than 23 million first mortgages held or serviced by the nine largest national bank mortgage servicers. This portfolio of loans represents 90 percent of all mortgages held or serviced by national banks and about 40 percent of all mortgages across the industry. The portfolio totals more than $3.8 trillion. In February, the OCC began requiring banks to submit comprehensive mortgage performance data each month from October 2007 forward. The requirement originated when the agency recognized the need for more comprehensive and granular data at the same time it recognized limitations in other reports and data sets available throughout the industry. This report presents the initial findings from October 2007 through March 2008. This report differs from other reports in three basic ways. First, it is comprehensive in that it reflects more than 40 percent of the entire industry and includes both mortgage servicers as well as mortgage holders. Second, the report is based on "loan-level" data, where the agency collected 64 pieces of information on each of the more than 23 million loans in the portfolio instead of just responses to surveys. Loan-level data allows information to be verified, analyzed in more rigorous ways, and will provide greater reliability over time. Third, the report uses standardized terms and definitions that allow terms like "sub-prime" to mean the same thing from lender to lender, and from loan to loan. The findings are preliminary and the OCC will continue to work with banks to validate the information and improve the submission process going forward. Some of the significant findings that the Comptroller highlights in the speech include: • The overall mortgage servicing portfolio of the nine banks reflects credit quality that is relatively satisfactory and relatively stable. For example, the number of current and performing loans remained at about 94 percent over the entire six-month period. Serious delinquencies, which we define as bankrupt borrowers who are 30 days delinquent and all delinquencies greater than 60 days, increased just one tenth of a percentage point during the period, from 2.1 percent to about 2.2 percent. • As in other studies, our report confirms that foreclosures in process are plainly on the rise, with the total number increasing steadily and significantly through the reporting period from 0.9 percent of the portfolio to 1.23 percent. Interestingly, the number of new foreclosures has been quite variable. While one month does not make a trend, new foreclosures in March declined to 45,696, down 21 percent from January's high and down about 4.5 percent from the start of the reporting period last October. • Although sub-prime mortgages made up less than 9 percent of the portfolio, they accounted for 43 percent of all loss mitigation actions at the end of March. Indeed, for these borrowers in that month, total loss mitigation actions exceeded new foreclosures proceedings by a margin of nearly 2 to 1. For more information, visit
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