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Loan Mods, Late Payments Increase Substantially.(Managing REO)
Byline: Ted Cornwell
Washington-Loan modifications by banks and thrifts rose substantially in the second quarter, but delinquency and default rates also increased, according to data compiled by the Office of the Comptroller of the Currency and the Office of Thrift Supervision.
The data seem to suggest that major mortgage servicers are indeed heeding calls to negotiate with troubled borrowers to keep more of them in their homes. Combining their data for the first time, the OCC and OTS said that new loan modifications by banks and thrifts increased by 56% between the first and second quarters of this year. Repayment plans on home loans serviced by banks and thrifts also increased, but by just 8%.
All told, banks and thrifts servicing nearly 35 million home loans engaged in some form of loss mitigation on 208,250 mortgage loans in the first quarter and 252,508 loans in the second quarter. In the second quarter, 92.6% of the loans were performing, down from 93.4% in the first quarter. The share of loans in foreclosure rose from 1.4% in the first quarter to 1.6% in the second.
The report says ...
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Source: HighBeam Research, Loan Mods, Late Payments Increase Substantially.(Managing REO)