OCC and OTS Mortgage Metrics Report Q3 2009

This report is the latest release from the Office of the Comptroller of the Currency and Office of Thrift Supervision on the mortgage industry and the stats on the performance.  It is a great report that comes out quarterly that lays out all the details of the mortgages out there.  A lot of great data tables and charts that show the current performance of mortgages and also the performance of the home retention actions.  Below is an excerpt from the executive summary:……

This OCC and OTS Mortgage Metrics Report for the third quarter of 2009 provides performance data on first-lien residential mortgages serviced by national banks and federally regulated thrifts. The report covers all types of first-lien mortgages serviced by most of the industry’s largest mortgage servicers, whose loans make up approximately 65 percent of all mortgages outstanding in the United States. The report covers about 34 million loans totaling approximately $6 trillion in principal balances and provides information on their performance through the end of the third quarter of 2009 (September 30, 2009).
Overall, mortgage performance continued to decline as a result of continuing adverse economic conditions including rising unemployment and loss in home values. The percentage of current and performing mortgages fell to 87.2 percent of the servicing portfolio. Seriously delinquent mortgages— loans 60 or more days past due and loans to delinquent bankrupt borrowers—rose to 6.2 percent of the servicing portfolio. Foreclosures in process increased to 3.2 percent, while new foreclosure actions remained steady for the third consecutive quarter at 369,209. Of particular note, delinquencies among prime mortgages, the largest category of mortgages, continued to climb. The percentage of prime mortgages that were seriously delinquent in the third quarter was 3.6 percent, up 19.6 percent from the second quarter and more than double the percentage of a year ago.

Here is the link to the full report PDF: Link