Loan Performance Improves as Servicing Portfolios Shrink

Posted To: MND NewsWire

The performance of loans serviced by the seven national banks reporting to the Office of Comptroller of the Currency (OCC) improved during the first quarter of 2015. OCC's Mortgage Metrics Report collects data on the volume of modifications completed on first-lien residential mortgages hold by banks with large mortgage servicing portfolios. The report covers 38 percent of all first-lien residential mortgage debt outstanding in the United States. The banks reporting were Bank of America, Citibank, HSBC, JPMorgan Chase, PNC, U.S. Bank, and Wells Fargo. The report's tables, however, cover a two-year period during which an eighth bank, CIT Bank/One West, was also reporting. Its absence from the current report may account for some of the noticeable shrinking of the aggregate portfolio. As of March...(read more)

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from Mortgage News Daily http://ift.tt/29ywHml