OCC Mortgage Metrics Report
Disclosure of National Bank and Federal Savings Association Mortgage Loan Data
Fourth Quarter 2011
This OCC Mortgage Metrics Report for the fourth quarter of 2011 provides performance data on first-lien residential mortgages serviced by selected national and federal savings banks. The mortgages in this portfolio comprise 60 percent of all mortgages outstanding in the United States—31.4 million loans totaling $5.4 trillion in principal balances. This report provides information on their performance through December 31, 2011.
The overall quality of the portfolio of serviced mortgages remained almost unchanged from the previous quarter, with the percentage of current and performing loans decreasing by
0.1 percentage point from the previous quarter to 87.9 percent of the overall portfolio at the end of the fourth quarter. However, the quality of the total serviced portfolio has improved slightly over the past year with the percentage of current and performing loans increased by 0.4 percent from the same period a year earlier (see table 7). Seriously delinquent mortgages, loans past due 60 days or more and bankruptcies 30 or more days past due, increased slightly during the fourth quarter, but were also down from the same period one year ago. The inventory of mortgages that were in the process of foreclosure at the end of the fourth quarter of 2011 decreased by
4.1 percent from the previous quarter and 3.1 percent from a year earlier.
The number of newly initiated foreclosures decreased by 16.0 percent from the previous quarter and 17.9 percent a year earlier. The decrease in new foreclosures reflects the continued emphasis on home retention actions, a decrease in the number of seriously delinquent loans over the past few quarters, and the effects of foreclosure settlements. The number of completed foreclosures increased by 2.5 percent from the previous quarter and 22.1 percent a year earlier. Servicers continued to emphasize alternatives to foreclosure during the fourth quarter, initiating more than two-and-a-half times as many new home retention actions—loan modifications, trial-period plans, and payment plans—as completed foreclosures, short sales, and deed-in-lieu-offoreclosure transactions.
Full report below…