OCC: Appendix C—Breakdown of Individual and Combined Modification Actions

Appendix C—Breakdown of Individual and Combined Modification Actions

First Quarter 2009

The following table shows the number and percent of each type of change made to the 185,156 mortgages that received modifications in the first quarter of 2009.

Types of Modifications Made during the First Quarter of 2009
	Number	Percentage of Modifications Made in the First Quarter of 2009
Combination Modifications²⁴	122,398	66.1%
Capitalization	27,909	15.1%
Rate Reduction	23,346	6.3%
Rate Freeze	11,644	4.4%
Term Extension	8,156	1.1%
Principal Reduction	2,040	0.00%
Principal Deferral	5	0.02%
Unknown²⁵	12,962	7.0%
Total Modifications	185,156	100%

Nearly two-thirds of all modifications implemented in the first quarter of 2009 changed more than one term of the loan. Known as combination modifications, these 122,398 modifications most often featured capitalization of missed fees and payments and reduction of the interest rate. The following shows the breakdown of features included in combination modifications.

Features Included in Combination Modifications Made in the First Quarter of 2009
	Number	Percentage of Combination Modifications
Capitalization	102,020	83.4%
Rate Reduction	105,423	86.1%
Rate Freeze	15,190	12.4%
Term Extension	44,448	36.3%
Principal Reduction	3,393	2.8%
Principal Deferral	1,937	1.6%
Unknown	12,962	10.6%

²⁴ Combination modifications result in a change to two or more loan terms. All other modification types detailed in this table involve only the listed action.

²⁵ Processing constraints at some servicers prevented them from aggregating and reporting specific modified term(s).

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Appendix C—Breakdown of Individual and Combined Modification Actions

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