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Mortgage Loan Performance Worsens in Second Quarter
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Mortgage Loan Performance Worsens in Second Quarter
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Mortgage Loan Performance Worsens in Second Quarter
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September 30, 2011 (Jeff Alan)

Mortgage loan performance by the nation’s largest banks and federal savings associations declined in the second quarter of 2011 as mortgage delinquencies increased slightly for the first time in six quarters according to the Office of the Comptroller of the Currency (OCC).

Of the 32.7 million loans in the OCC’s portfolio, 88.0 percent are current and performing at the end of the quarter, down from 88.6 in the first quarter.

Mortgages that were 30-59 days delinquent increased from 2.6 percent in the first quarter to 3.0 percent in the second quarter.

Mortgages that were 60 days or more past due and delinquent loans to bankrupt borrowers increased from 4.8 percent in the first quarter to 4.9 percent in the second quarter.

Mortgage servicers implemented 456,397 home retention actions in the second quarter, down from 557,451 in the first quarter. The number of home retention actions was 18.1 percent lower than the previous quarter.

Modifications under the Home Affordable Modification Program (HAMP) increased by 31.6 percent in the second quarter compared to the first quarter, but other home retention actions declined.

The number of mortgages entering foreclosure declined 8.0 percent from the previous quarter to 287,145 properties. Completed foreclosures increased by 1.2 percent in the second quarter to 121,202, but were down 30.7 percent from the second quarter in 2010.

Payment modifications through the government’s Home Affordable Modification Program (HAMP) continued to provide larger relief as the average principal and interest reduction under a HAMP modification was $577 compared to $393 for all modifications.

From the beginning of the government’s loan modifications efforts in 2008 until the end of the first quarter of 2011, mortgage servicers have modified 2,083,464 mortgages. Unfortunately, as time has gone by, the performance of those loan modifications continues to worsen.

At the end of the second quarter, only 51.3 percent of modified loans remained current or have been paid off, down from 52.5 percent in the first quarter. Another 9.2 percent were 30 to 59 days delinquent, up from 8.2 percent in the first quarter, and another 18.2 percent were 60 days or more delinquent, down from 18.5 percent in the second quarter.

More than 10 percent were in the process of foreclosure, and 5.3 percent had completed the foreclosure process, up from 4.5 percent in the first quarter.

Loans that were modified by 10 percent or more performed better than those that were modified less than 10 percent. Of the loans that were modified which resulted in a payment reduction of over 10 percent, 59.9 percent were current and performing, down from 61.6 percent in the first quarter.

Of the loans that were modified which resulted in the payment being reduced by less than 10 percent, only 37.0 percent remained current and performing, down from 37.1 percent in the first quarter.

Tags: OCC, mortgage loan performance, delinquent mortgages, mortgage servicers, foreclosures, loan modifications, HAMP

Source:
Office of the Comptroller of the Currency

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September 30, 2011 (Jeff Alan)

Mortgage loan performance by the nation’s largest banks and federal savings associations declined in the second quarter of 2011 as mortgage delinquencies increased slightly for the first time in six quarters according to the Office of the Comptroller of the Currency (OCC).

Of the 32.7 million loans in the OCC’s portfolio, 88.0 percent are current and performing at the end of the quarter, down from 88.6 in the first quarter.

Mortgages that were 30-59 days delinquent increased from 2.6 percent in the first quarter to 3.0 percent in the second quarter.

Mortgages that were 60 days or more past due and delinquent loans to bankrupt borrowers increased from 4.8 percent in the first quarter to 4.9 percent in the second quarter.

Mortgage servicers implemented 456,397 home retention actions in the second quarter, down from 557,451 in the first quarter. The number of home retention actions was 18.1 percent lower than the previous quarter.

Modifications under the Home Affordable Modification Program (HAMP) increased by 31.6 percent in the second quarter compared to the first quarter, but other home retention actions declined.

The number of mortgages entering foreclosure declined 8.0 percent from the previous quarter to 287,145 properties. Completed foreclosures increased by 1.2 percent in the second quarter to 121,202, but were down 30.7 percent from the second quarter in 2010.

Payment modifications through the government’s Home Affordable Modification Program (HAMP) continued to provide larger relief as the average principal and interest reduction under a HAMP modification was $577 compared to $393 for all modifications.

From the beginning of the government’s loan modifications efforts in 2008 until the end of the first quarter of 2011, mortgage servicers have modified 2,083,464 mortgages. Unfortunately, as time has gone by, the performance of those loan modifications continues to worsen.

At the end of the second quarter, only 51.3 percent of modified loans remained current or have been paid off, down from 52.5 percent in the first quarter. Another 9.2 percent were 30 to 59 days delinquent, up from 8.2 percent in the first quarter, and another 18.2 percent were 60 days or more delinquent, down from 18.5 percent in the second quarter.

More than 10 percent were in the process of foreclosure, and 5.3 percent had completed the foreclosure process, up from 4.5 percent in the first quarter.

Loans that were modified by 10 percent or more performed better than those that were modified less than 10 percent. Of the loans that were modified which resulted in a payment reduction of over 10 percent, 59.9 percent were current and performing, down from 61.6 percent in the first quarter.

Of the loans that were modified which resulted in the payment being reduced by less than 10 percent, only 37.0 percent remained current and performing, down from 37.1 percent in the first quarter.

Tags: OCC, mortgage loan performance, delinquent mortgages, mortgage servicers, foreclosures, loan modifications, HAMP

Source:
Office of the Comptroller of the Currency

FILL OUT THE FORM
It all starts here. Select the loan product you want to apply for and complete the subsequent questionnaire.
WE VERIFY & TRANSMIT TO LENDERS
Once we receive your completed questionnaire we verify a couple vital pieces of information and direct your information to our network of lenders, all within minutes.
REVIEW YOUR OFFERS
With offers in hand you can now compare rates and costs and get the best possible deal. Comparison shopping made easy. You fill out one form and lenders compete for your business.
CHOOSE YOUR LENDER
Congratulations! With the great learning tools we provide for you at LoanRateUpdate and the offers you have received, you've found the right product and the best rate.
HOW
MORTGAGELOANRATEUPDATE
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Whether you're looking to refinance your current loan, purchasing a new home or looking for a home equity loan, we make it easy at MortgageLoanRateUpdate. Our questionnaire is simple and quick to use and your information is safely transmitted to us with SSL encryption. With just two minutes of your time, you could have multiple lenders competing for your business which could save you thousands.
ADVANTAGES OF USING
MORTGAGELOANRATEUPDATE
FAST & EASY. DATA ENCRYPTED
Applying to multiple lenders is fast and easy with our one simple questionnaire. Choose the product you’re looking for, take a few moments to answer a few questions and you’re on your way to saving.
NO OBLIGATION. NO HIDDEN FEES
Any of the services on our website are 100% free, there is no obligation to use our services or any hidden fees. We’re not loan brokers so we don’t charge broker fees like other websites.
NO SSN OR CREDIT CHECK
No SSN or credit check is necessary to use our services. We bring lenders to you so they can compete for your business and you save. That information only becomes necessary after you choose a lender.

September 30, 2011 (Jeff Alan)

Mortgage loan performance by the nation’s largest banks and federal savings associations declined in the second quarter of 2011 as mortgage delinquencies increased slightly for the first time in six quarters according to the Office of the Comptroller of the Currency (OCC).

Of the 32.7 million loans in the OCC’s portfolio, 88.0 percent are current and performing at the end of the quarter, down from 88.6 in the first quarter.

Mortgages that were 30-59 days delinquent increased from 2.6 percent in the first quarter to 3.0 percent in the second quarter.

Mortgages that were 60 days or more past due and delinquent loans to bankrupt borrowers increased from 4.8 percent in the first quarter to 4.9 percent in the second quarter.

Mortgage servicers implemented 456,397 home retention actions in the second quarter, down from 557,451 in the first quarter. The number of home retention actions was 18.1 percent lower than the previous quarter.

Modifications under the Home Affordable Modification Program (HAMP) increased by 31.6 percent in the second quarter compared to the first quarter, but other home retention actions declined.

The number of mortgages entering foreclosure declined 8.0 percent from the previous quarter to 287,145 properties. Completed foreclosures increased by 1.2 percent in the second quarter to 121,202, but were down 30.7 percent from the second quarter in 2010.

Payment modifications through the government’s Home Affordable Modification Program (HAMP) continued to provide larger relief as the average principal and interest reduction under a HAMP modification was $577 compared to $393 for all modifications.

From the beginning of the government’s loan modifications efforts in 2008 until the end of the first quarter of 2011, mortgage servicers have modified 2,083,464 mortgages. Unfortunately, as time has gone by, the performance of those loan modifications continues to worsen.

At the end of the second quarter, only 51.3 percent of modified loans remained current or have been paid off, down from 52.5 percent in the first quarter. Another 9.2 percent were 30 to 59 days delinquent, up from 8.2 percent in the first quarter, and another 18.2 percent were 60 days or more delinquent, down from 18.5 percent in the second quarter.

More than 10 percent were in the process of foreclosure, and 5.3 percent had completed the foreclosure process, up from 4.5 percent in the first quarter.

Loans that were modified by 10 percent or more performed better than those that were modified less than 10 percent. Of the loans that were modified which resulted in a payment reduction of over 10 percent, 59.9 percent were current and performing, down from 61.6 percent in the first quarter.

Of the loans that were modified which resulted in the payment being reduced by less than 10 percent, only 37.0 percent remained current and performing, down from 37.1 percent in the first quarter.

Tags: OCC, mortgage loan performance, delinquent mortgages, mortgage servicers, foreclosures, loan modifications, HAMP

Source:
Office of the Comptroller of the Currency

Home Buying Tips
Home Selling Tips
About
Mortgages
HOW
MORTGAGELOANRATEUPDATE
WORKS
FILL OUT THE FORM
It all starts here. Select the loan product you want to apply for and complete the subsequent questionnaire.
WE VERIFY & TRANSMIT TO LENDERS
Once we receive your completed questionnaire we verify a couple vital pieces of information and direct your information to our network of lenders, all within minutes.
REVIEW YOUR OFFERS
With offers in hand you can now compare rates and costs and get the best possible deal. Comparison shopping made easy. You fill out one form and lenders compete for your business.
CHOOSE YOUR LENDER
Congratulations! With the great learning tools we provide for you at MortgageLoanRateUpdate and the offers you have received, you've found the right product and the best rate.
ADVANTAGES OF USING
MORTGAGELOANRATEUPDATE
FAST & EASY. DATA ENCRYPTED
Applying to multiple lenders is fast and easy with our one simple questionnaire. Choose the product you’re looking for, take a few moments to answer a few questions and you’re on your way to saving.
NO OBLIGATION. NO HIDDEN FEES
Any of the services on our website are 100% free, there is no obligation to use our services or any hidden fees. We’re not loan brokers so we don’t charge broker fees like other websites.
NO SSN OR CREDIT
CHECK
No SSN or credit check is necessary to use our services. We bring lenders to you so they can compete for your business and you save. That information only becomes necessary after you choose a lender.