The Office of Thrift Supervision released its Mortgage Metrics Report for the quarter ending March 31, 2008, which tracks the performance of mortgages serviced by thrifts and their affiliates.
The report, which includes data that represents roughly 21 percent of all U.S. mortgages by dollar volume, noted that foreclosure and loss mitigation activity increased as some delinquencies slowed.
While 92 percent of mortgages in the portfolio were current and performing as of the end of the first quarter, 3.02 percent were 30-59 days late in March, down slightly from 3.27 percent in January.
Mortgages 90 or more days behind remained steady at 1.74 percent, unchanged from January to March.
However, loans in the foreclosure process jumped 16 percent in March to 1.73 percent of the total servicing portfolio, up from 1.49 percent in January.
Foreclosures in process totaled 197,260, with subprime mortgages accounting for 25 percent of the activity, despite representing only nine percent of mortgages outstanding.
Prime mortgages constituted 42 percent of all foreclosure activity, but represent 70 percent of the total servicing portfolio.
As a result of the increased foreclosure activity, loss mitigation efforts were ramped up in March, with 49,044 loans modified or under payment plans, faintly outpacing the 46,249 newly initiated foreclosures during the month.
One positive note was that loan modifications accounted for 28,600 of the loan workouts, easily outnumbering less favorable payment plans.
The total servicing portfolio includes 11.4 million first-lien residential mortgages, valued at $2.29 trillion from such thrifts as Indymac and Countrywide.
It’s made up of 69.8 percent prime loans, 12 percent Alt-A, nine percent subprime, and 9.2 percent other (credit scores unavailable).