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Financial Services Law Insights and Observations

OCC releases 2021 4Q mortgage performance results

Bank Regulatory Federal Issues OCC Mortgages Covid-19

On March 22, the OCC announced the release of the OCC Mortgage Metrics Report, Fourth Quarter 2021, its quarterly report of the performance of seven national bank mortgage servicers representing 22 percent of all outstanding residential mortgages. As explained in the report, servicers initiated 1,294 new foreclosures in the fourth quarter of 2021—a 39.9 percent increase from the previous quarter and a 64 percent increase from a year ago. The impact of Covid-19, including foreclosure moratoriums, significantly affected these metrics, the OCC stated. Servicers also completed 47,488 mortgage modifications in the fourth quarter, up 40.8 percent from the previous quarter. Of these modifications, “70.5 percent reduced borrowers’ monthly payments, and 46,475, or 97.9 percent, were ‘combination modifications’—modifications that included multiple actions affecting the affordability and sustainability of the loan, such as an interest rate reduction and a term extension,” the OCC reported.