| Regulators are constantly looking at data to identify | | | | ways. Here are just a few of the types of mortgage |
| what works and what doesn't when it comes to loan | | | | modifications they look for. Made monthly payments |
| modification performance. They hope to find existing | | | | or rising principal balances, reduced payments, they |
| mortgage modification strategies create a positive | | | | have to be at least 10%, and if there hasn't been |
| affect that will help rescue distressed homeowners | | | | any noticeable impact at all on the homeowner. |
| from their foreclosure situation. | | | | This is information on banks is extremely important |
| The Office of the Comptroller of the Currency | | | | as it will help inform lenders and policymakers as to |
| (OCC) and the Office of Thrift Supervision (OTS) are | | | | what type of modifications work and which one don't |
| expanding the scope of loan modification | | | | work. The OCC and OTS are trying hard to |
| performance and gather data of borrowers from | | | | continually improve loan modification data collection to |
| banking institutions to narrow mortgage modification | | | | ensure that the results are accurate, informative and |
| strategies. The primary objective is to make these | | | | useful in so we can bandage the nation's foreclosure |
| loan modifications both affordable for homeowners | | | | crisis. Both agencies, the OCC and OTS, have a joint |
| and avoid scams from modification companies. They | | | | program that involves data from 35 million mortgages |
| look to see whether borrowers got their monthly | | | | in the U.S. They collect nearly twice that much now, |
| principal and interest payments lowered, and whether | | | | capturing nearly 3 billion pieces of data. They also |
| they caught up or fell behind again. | | | | track mortgage modifications after 60 days after |
| These two agencies are constantly studying and | | | | they have been modified, to find out if homeowners |
| reviewing loan modification performance in several | | | | defaulted again within the period of time. |