OCC: Changes to Monthly Payments Due to Modifications, by Quarter

Changes to Monthly Payments Due to Modifications, by Quarter

First Quarter 2009

Modifications during the first quarter of 2009 resulted in lower monthly principal and interest payments on 54.1 percent of all modified loans, as servicers focused on achieving more sustainable mortgage payments. The number of modifications that reduced payments by 20 percent or more nearly doubled in the first quarter compared with the previous quarter, increasing to 29.3 of all first quarter modifications and exceeding all other categories. Modifications that increased monthly payments declined to 18.5 percent of all modifications during the quarter, down from 25 percent in the fourth quarter and 33.5 percent in the third quarter. Actions that left payments unchanged increased to 27.3 percent.

Change in Monthly Principal and Interest Payments Due to Modification (Number of Modifications)
	3/31/2008	6/30/2008	9/30/2008	12/31/2008	3/31/2009	1Q %Change	1Y %Change
Decreased by 20% or More	9,469	20,762	15,988	27,695	52,751	90.5%	457.1%
Decreased by 10% to Less than 20%	6,576	12,407	12,041	14,340	21,885	52.6%	232.8%
Decreased Less than 10%	7,258	14,773	13,115	14,993	22,743	51.7%	213.4%
Subtotal for Decreased	23,303	47,942	41,144	57,028	97,379	70.8%	317.9%
Unchanged	20,199	34,041	30,255	27,431	49,180	79.3%	143.5%
Increased	21,654	39,638	35,892	28,138	33,342	18.5%	54.0%
Subtotal for Unchanged and Increased	41,853	73,679	66,147	55,569	82,522	48.5%	97.2%
Total	65,156	121,621	107,291	112,597	179,901	59.8%	176.1%
Change in Monthly Principal and Interest Payments Due to Modification (Percent of Modifications)
Decreased by 20% or More	14.5%	17.1%	14.9%	24.6%	29.3%	19.2%	101.8%
Decreased by 10% to Less than 20%	10.1%	10.2%	11.2%	12.7%	12.2%	-4.5%	20.5%
Decreased Less than 10%	11.1%	12.2%	12.2%	13.3%	12.6%	-5.1%	13.5%
Subtotal for Decreased	35.70%	39.50%	38.30%	50.60%	54.10%	6.9%	51.5%
Unchanged	31.0%	28.0%	28.2%	24.4%	27.3%	12.2%	-11.8%
Increased	33.2%	32.6%	33.5%	25.0%	18.5%	-25.8%	-44.2%
Subtotal for Unchanged and Increased	64.20%	60.60%	61.70%	49.40%	45.80%	-7.3%	-28.7%
Total	100.0%	100.0%	100.0%	100.0%	100.0%	--	--

Change in Monthly Principal and Interest Payments Due to Modification

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Appendixes

Changes to Monthly Payments Due to Modifications, by Quarter

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