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).
Keywords: Americas, US, Banking, Mortgage Metrics Report, First Lien Mortgages, Residential Mortgages, OCC
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