The Office of the Comptroller of the Currency (OCC) now requires large national banks that service mortgages to provide comprehensive mortgage data on a monthly basis. The required data will build upon the efforts of the HOPE NOW alliance, the OCC says.
In a letter to nine large national banks that account for the overwhelming majority of national bank mortgage servicing, Comptroller of the Currency John C. Dugan said the OCC is requiring the data ‘in order to assure that we have a detailed picture of the activities of national bank servicers and the performance of loans serviced by them.’
Metrics developed from the data on subprime lending will be available to state agencies through the HOPE NOW alliance and, according to the OCC, are expected to provide a robust and comprehensive overview of subprime mortgage lending.
National banks can satisfy the OCC reporting requirements by sending mortgage data directly to the OCC, or the OCC will accept mortgage data prepared on behalf of national banks from the HOPE NOW alliance data aggregator.
