June 13, 2008
OCC mortgage metrics report
On June 11, 2008, at the American Securitization Forum annual conference, Comptroller of Currency (“OCC”), John C. Dugan unveiled the Mortgage Metrics Report to the public. The report captures key performance data on over 23 million first residential mortgage loans, totaling $3.8 trillion serviced by nine national banks.
The OCC charters, regulates, and supervises all national banks. It also supervises the federal branches and agencies of foreign banks. Headquartered in Washington, D.C., the OCC has four district offices plus an office in London to supervise the international activities of national banks.
The OCC was established in 1863 as a bureau of the US Department of the Treasury. The OCC is headed by the Comptroller, who is appointed by the President, with the advice and consent of the Senate, for a five-year term.
The Comptroller also serves as a director of the Federal Deposit Insurance Corporation (FDIC) and a director of the Neighborhood Reinvestment Corporation.
The Mortgage Metrics report issued by the OCC primarily focuses on delinquencies, loss mitigation actions, and foreclosures. The Office of the Comptroller of Currency ("OCC") developed standardized definitions and data elements, and has shared these definitions and data elements with other federal regulators to facilitate an industry-wide data collection and analysis standard.
In subsequent reports, the OCC intends to disclose additional information related to loan performance and expects that the standardized metrics will serve as a valuable mechanism in monitoring and regulating mortgage practices.
