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January — June 2008
The OCC and OTS Mortgage Metrics Report presents key performance data on first lien residential mortgages serviced by national banks and thrifts, focusing on delinquencies, loss mitigation actions, and foreclosures. The OCC and OTS collect these data from the nine national banks and five thrifts that have the largest mortgage servicing portfolios among all national banks and thrifts. This represents more than 90 percent of all mortgages serviced by national banks and thrifts, and approximately 60 percent of all mortgages outstanding. Approximately 88 percent of the mortgages in the total servicing portfolio are held by third parties via securitization by government-sponsored enterprises and other financial institutions. At the end of June 2008, these 14 institutions serviced more than 34.7 million first mortgage loans, totaling $6.1 trillion in outstanding balances.
The report is based on a data collection process covering 64 data elements for each of the mortgages held or serviced by the participating lenders from January through June 2008. The OCC and OTS use a data vendor to aggregate, validate, store, and generate reports, but the agencies retain ownership and control of the data.
In addition to providing important information to the public, the data gathered for this report support the supervision of national bank and thrift mortgage practices. This report provides an additional tool to help examiners assess emerging trends, identify anomalies, compare a lender with the rest of the industry, evaluate asset quality and loan loss reserve needs, and evaluate the effectiveness of loss mitigation actions.
Despite its relatively comprehensive coverage, readers should not use the data in this report to draw conclusions about overall conditions in mortgage lending. The portfolio of loans serviced by these banks and thrifts does not represent a statistically random sample of all mortgage loans. The characteristics of these loans differ in notable ways from the overall population of mortgages.
Additionally, there are known seasonal effects in mortgage lending. This report does not attempt to quantify those seasonal effects.
The OCC, OTS, and the participating institutions devoted significant resources to validating the data to ensure that the information was reliable, accurate, and consistent with information presented elsewhere. Steps to ensure the validity of the data included comparisons with institutions’ quarterly call and thrift financial reports, and internal quality reviews conducted by the banks and thrifts and by the external vendor that compiled the data. However, data sets of this size and scope inevitably suffer from a degree of inconsistency, missing data, and other imperfections. The OCC and OTS expect future data submissions to be adjusted as errors and omissions are detected. As a result of this ongoing process, readers of this report should exercise caution when comparing the data presented for the first three months of 2008 with data released previously by the OCC and OTS independently. Data presented in this report, in some cases, reflect resubmissions from institutions that restate and correct earlier information.