OCC and OTS Mortgage Metrics Report
First Quarter 2009
Appendixes
Appendix A—New Loan Modifications
New loan modifications increased to 185,156 during the first quarter of 2009—rising by 55.3 percent from the previous quarter and by 172.3 percent from the first quarter of 2008. This significant increase can be attributed to servicers' increasing focus on modifications as a home retention loss mitigation strategy. The rate of increase was greatest for prime borrowers, with new loan modifications increasing nearly 82 percent during the first quarter.
Subprime loans constituted about 42 percent of all new modifications in the quarter but only 8 percent of all loans in the servicing portfolio. Prime loans constituted about 27 percent of all new modifications in the quarter but 67 percent of all loans in the servicing portfolio.
Number of New Loan Modifications |
|
3/31/2008 |
6/30/2008 |
9/30/2008 |
12/31/2008 |
3/31/2009 |
1Q %Change |
1Y %Change |
Prime |
13,241 |
23,363 |
24,680 |
27,169 |
49,439 |
82.0% |
273.4% |
Alt-A |
15,155 |
28,119 |
26,697 |
27,680 |
43,218 |
56.1% |
185.2% |
Subprime |
32,356 |
64,108 |
52,559 |
51,702 |
77,280 |
49.5% |
138.8% |
Other |
7,249 |
12,350 |
10,206 |
12,669 |
15,219 |
20.1% |
110.0% |
Total |
68,001 |
127,940 |
114,142 |
119,220 |
185,156 |
55.3% |
172.3% |
Number of New Loan Modifications Relative to Mortgages in that Category |
Prime |
0.1% |
0.1% |
0.1% |
0.1% |
0.2% |
83.0% |
269.3% |
Alt-A |
0.4% |
0.8% |
0.8% |
0.8% |
1.2% |
58.7% |
189.7% |
Subprime |
1.0% |
2.1% |
1.7% |
1.7% |
2.7% |
57.5% |
157.8% |
Other |
0.1% |
0.3% |
0.2% |
0.3% |
0.3% |
24.3% |
127.3% |
Total |
0.2% |
0.4% |
0.3% |
0.4% |
0.5% |
57.6% |
175.7% |
|
