OCC published the Mortgage Metrics Report for the third quarter of 2019. This report presents performance data for the third quarter of 2019 for loans that the reporting banks own or service for others as a fee-based business. OCC collects data on first-lien residential mortgage loans serviced by seven national banks with large mortgage-servicing portfolios. This report provides information on mortgage performance through September 30, 2019. OCC reported a slight improvement in the performance of first-lien mortgages in the federal banking system during the third quarter of 2019.
The report showed that 96.4% of mortgages included in the report were current and performing at the end of the quarter, compared to 95.4% a year earlier. The report also showed that servicers initiated 21,492 new foreclosures during the third quarter of 2019, a 0.4% increase from the previous quarter and a 24.6% decrease from a year ago. Servicers completed 13,950 mortgage modifications in the third quarter of 2019, and 73.0% of the modifications reduced borrowers' monthly payments. The first-lien mortgages included in the OCC's quarterly report comprise 29.8% of all residential mortgages outstanding in the United States or approximately 16 million loans totaling USD 3.13 trillion in principal balances.
The OCC Mortgage Metrics Report is published quarterly to promote broader understanding of mortgage portfolio performance and modification activity in the federal banking system and to support supervision of regulated institutions. The report covers the performance of first-lien home mortgages in the portfolios of reporting banks. It excludes junior liens, home equity lines of credit, and home equity conversion mortgages (reverse mortgages).
Keywords: Americas, US, Banking, Mortgage Metrics Report, First Lien Mortgages, Residential Real Estate, Credit Risk, OCC
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