OCC Requests Monthly Mortgage Data from Large Banks

March 3, 2008 No Comments »

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The Office of the Comptroller of the Currency said Friday that it will require large banking institutions that service mortgages to provide detailed mortgage data on a monthly basis starting from last October.

The OCC sent a letter to nine national banks that account for the majority of loan servicing market, requesting the data “in order to assure that we have a detailed picture of the activities of national bank servicers and the performance of loans serviced by them.”

The OCC believes that the availability of such data will improve efforts by outreach programs such as Hope Now, which can act more efficiently with more data at their disposal.

The banks, who Comptroller of the Currency John C. Dugan said have been forthcoming, may send mortgage data directly to the OCC or allow the Hope Now alliance data aggregator to prepare data on their behalf.

“We also believe it is important to build upon, and not conflict with, the mortgage data collection efforts of the HOPE NOW Alliance, whose members constitute a broad cross-section of industry and community organizations working to tackle the foreclosure crisis,” Mr. Dugan said in a statement.

The OCC said it was also planning to collect data on home equity loans later this year, which are becoming a growing problem as home prices decline.

The banks and mortgage lenders involved include Citi, Wachovia, Chase, Bank of America, National City, HSBC, First Horizon, Wells Fargo, and US Bancorp.

(photo: eurleif)

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