Tag Archives: Office of the Comptroller of the Currency

Also on Wednesday, the OCC announced that it has terminated foreclosure-related consent orders against three national mortgage servicers that have met the consent order requirements and imposed business restrictions on six banks that have not met the requirements. The six institutions that the OCC determined have not met all the requirements of the IFR were (alphabetically) Everbank, HSBC Bank USA, JPMorgan Chase Bank, Santander Bank, U.S. Bank, and Wells Fargo, and therefore the OCC issued orders to restrict their business activities.

The percentage of seriously delinquent mortgage loans, which are those 60 days or more past due or held by borrowers in bankruptcy whose payments are 30 days or more past due, was 3.1 percent in Q4 – a decline of 0.9 percent from the previous quarter and 12.2 percent year-over-year, according to the OCC.

Citigroup is preparing to pay approximately $20 million to thousands of homeowners who were eligible to receive compensation as part of the Independent Foreclosure Settlement reached between the government and 10 mortgage servicers two years ago over loan servicing and foreclosure procedure violations, according to media reports.

The OCC Mortgage Metrics Report, Third Quarter 2014, released Friday by the Office of the Comptroller of the Currency (OCC), showed improvement in the performance of first-lien mortgages serviced by seven national banks and one federal savings association. The report found that out of a portfolio totaling 23.6 million loans with a combined unpaid principal balance of about $4.0 billion (about 46 percent of residential mortgages in the U.S.), the percentage of current and performing mortgages increased both quarter-over-quarter (from 92.9 percent to 93.0 percent) and year-over-year (from 91.4 percent to 93.0 percent) in Q3.

The Office of the Comptroller of the Currency (OCC) this week released its list of Community Reinvestment Act (CRA) performance evaluations that were made public during the month of October 2014 for 36 financial institutions.

More than 91 percent of borrowers nationwide who received mortgage loan modifications in the second quarter of 2014 had their monthly principal and interest payments reduced, while 56.1 percent of borrowers lowered their monthly payments by 20 percent or more, according to a report released earlier this week by the Office of the Comptroller of the Currency (OCC) regarding first-lien mortgages at large national and federal savings banks.

In speaking before the U.S. Senate Committee on Banking, Housing, and Urban Affairs earlier in the week, Comptroller of the Currency Thomas J. Curry said the overall financial condition of banks has improved since the passage of the Dodd-Frank Reform Act four years ago – but he believes that supervisors need to "remain vigilant."

Three federal agencies – the Federal Reserve Board, the Federal Deposit Insurance Corporation (FDIC), and the Office of the Comptroller of the Currency (OCC) finalized a rule with regards to the "liquidity coverage ratio" (LCR) of large financial institutions, the Federal Reserve announced on September 3.