OCC Publishes Mortgage Metrics Report for Second Quarter of 2019
OCC published the Mortgage Metrics Report for the second quarter of 2019. The report presents performance data for loans that the reporting banks own or service for others as a fee-based business. The report showed a slight improvement from 95.6% last year to 96.1% in the performance of first-lien mortgages in the federal banking system during the second quarter of 2019. 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 June 30, 2019.
The first-lien mortgages included in the quarterly report comprise 30% of all residential mortgages outstanding in the United States or approximately 16.3 million loans totaling USD 3.15 trillion in principal balances. The report also showed that servicers initiated 21,409 new foreclosures during the second quarter of 2019, a 22.5% decrease from the previous quarter and a 27.7% decrease from a year ago. Servicers completed 15,683 mortgage modifications in the second quarter of 2019, with 71.7% of the modifications reducing monthly payments of borrowers.
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).
Related Links
Keywords: Americas, US, Banking, Mortgage Metrics Report, First Lien Mortgages, Residential Mortgages, OCC
Previous Article
FASB Proposes Improvements to Credit Losses Standard in USRelated Articles
ECB Amends Guideline on Temporary Collateral Easing Measures
ECB published Guideline 2021/975, which amends Guideline ECB/2014/31, on the additional temporary measures relating to Eurosystem refinancing operations and eligibility of collateral.
EIOPA Releases Report on Artificial Intelligence Governance Principles
EIOPA published a report, from the Consultative Expert Group on Digital Ethics, that sets out artificial intelligence governance principles for an ethical and trustworthy artificial intelligence in the insurance sector in EU.
HKMA to Increase Focus on Suptech and Regtech Cloud Adoption
HKMA published the seventh and final issue of the Regtech Watch series, which outlines the three-year roadmap of HKMA to integrate supervisory technology, or suptech, into its processes.
EC Consults on Improving Transparency in Secondary Markets for NPLs
EC launched a targeted consultation to improve transparency and efficiency in the secondary markets for nonperforming loans (NPLs).
BIS and Nordic Central Banks Launch Innovation Hub in Stockholm
BIS, Danmarks Nationalbank, Central Bank of Iceland, Norges Bank, and Sveriges Riksbank launched an Innovation Hub in Stockholm, making this the fifth BIS Innovation Hub Center to be opened in the past two years.
FDIC Tech Sprint Aims to Explore Technologies to Reach Unbanked
FDITECH, the technology lab of FDIC, announced a tech sprint that is designed to explore new technologies and techniques that would help expand the capabilities of community banks to meet the needs of unbanked individuals and households.
EC Releases Sustainable Finance Taxonomy Compass
EC released the EU Taxonomy Compass, which visually represents the contents of the EU Taxonomy starting with the EU Taxonomy Climate Delegated Act.
FDIC Proposes Amendments to Real Estate Lending Standards
FDIC is seeking comments on a rule to amend the interagency guidelines for real estate lending policies—also known as the Real Estate Lending Standards.
EIOPA to Consider Liquidity Risk in Stress Test for 2021
EIOPA published its annual report, which sets out the work done in 2020 and indicates the planned work areas for the coming months.
ESRB Paper Discusses Measurement of Impact of Bank Failure via Lending
The ESRB paper that presents an analytical framework that assesses and quantifies the potential impact of a bank failure on the real economy through the lending function.
