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Analysis and Disclosure of National Bank Mortgage Loan Data
First Quarter 2008
The OCC Mortgage Metrics Report presents key performance data on first residential mortgages serviced by national banks, focusing on delinquencies, loss mitigation actions, and foreclosures.
The Office of the Comptroller of the Currency (OCC) collects this data from the nine national banks1 that have the largest mortgage servicing portfolios among all national banks. These nine banks combine to service more than 23 million first mortgage loans, totaling $3.8 trillion. Their combined servicing portfolio constitutes more than 90 percent of all mortgages serviced by national banks, and approximately 40 percent of all mortgages outstanding. Approximately 90 percent of the mortgages in the total servicing portfolio are held by third parties via securitization by government–sponsored enterprises and other financial institutions.
This first OCC Mortgage Metrics Report provides monthly mortgage performance data for two calendar quarters, from October 1, 2007, to March 31, 2008. Future reports will be issued quarterly.
There are at least three key differences between this report and other reports and data collections that provide information about mortgage performance.
First, the data contained in the OCC Mortgage Metrics Report are comprehensive. The report reflects the activities of many of the industry's largest mortgage servicers, and incorporates information on all mortgages serviced, not just subprime.
Second, the OCC Mortgage Metrics Report reflects loan–level data rather than aggregated data: information was collected for each of the more than 23 million individual loans in the total portfolio.
Third, the OCC Mortgage Metrics Report uses terms and definitions that are standardized. In particular, the report establishes standard definitions for prime, Alt-A, and subprime mortgages using credit score ranges reported by the Fair Isaac Corporation (FICO). It also standardizes the terms used for delinquencies and for loss mitigation actions such as loan modifications and payment plans. With such standardized definitions and data elements, the OCC can compare data in a consistent way, month to month, across a large segment of the industry.
Among the key findings of this first report are the following:
1 The nine banks are Bank of America, Citibank, First Horizon, HSBC, JPMorgan Chase, National City, USBank, Wachovia, and Wells Fargo.