Mortgage credit quality remained “relatively steady” over the past six months, with 94 percent of loans held by nine key national banks current and performing, according to the OCC Mortgage Metrics Report released today.
The comprehensive data set includes more than 23 million first mortgage loans valued at $3.8 trillion, or approximately 40 percent of all home loans outstanding.
Per the report, the 30-59 day delinquency rate fell to 2.37 percent as of the end of March from 2.61 percent in October, while 90+ day mortgage lates increased to 0.98 percent from 0.82 percent.
Along with late mortgage payments, there were a total of 283,988 foreclosures in process as of the end of March, representing 1.23 percent of the total portfolio, up from 0.90 percent, or 205,248 total in October.
Nearly 10 percent (9.64%) of subprime mortgages were deemed seriously delinquent (60+ day lates or bankrupt borrowers 30+ days late), compared to 4.38 percent of Alt-A mortgages and just 0.74 percent of prime loans.
The delinquency rate for subprime loans actually fell three basis points from last October, while it increased 30 bps for Alt-A loans and 14 bps for prime loans.
Unsurprisingly, while subprime mortgages only accounted for less than nine percent of the total loan portfolio, they were involved in 43 of all loss mitigation efforts as of the end of March.
They also accounted for nearly 33 percent of total foreclosures in process, while prime loans representing 62 percent of the portfolio accounted for just 30 percent of foreclosures in process.
With regard to loss mitigation, prepayment plans outnumbered loan modifications by four to one, but increased at a faster rate in the past six months.
Alt-A mortgages made up about nine percent of the total loan portfolio and accounted for 19 percent of all loss mit action.
The report includes data from mortgage lenders like Bank of America, Citibank, First Horizon, HSBC, JPMorgan Chase, National City, USBank, Wachovia, and Wells Fargo.
Check out the whole report here, it’s full of more data.