Tuesday, July 27, 2021

Week of June 28

In This Issue…

Mortgage performance declines in first quarter

A recent report by the Office of the Comptroller of the Currency showed 94.2 percent of mortgages included in the report were current and performing at the end of the quarter, compared to 96.5 percent a year earlier due to the COVID-19 pandemic.

The OCC Mortgage Metrics Report, First Quarter 2021 also showed the percentage of seriously delinquent mortgages – mortgages 60 or more days past due and all mortgages held by bankrupt borrowers whose payments are 30 or more days past due – was 4.6 percent in the first quarter of 2021, compared to 5.2 percent in the prior quarter and 1.4 percent a year ago.

Servicers initiated 833 new foreclosures during the first quarter of 2021­, a 5.6 percent increase from the previous quarter and a 95.8 percent decrease from a year ago. Events associated with the COVID-19 pandemic, including foreclosure moratoriums, have significantly affected these metrics.

Servicers completed 47,773 mortgage modifications in the first quarter of 2021, an increase of 16.4 percent from the previous quarter. Of the 47,773 mortgage modifications, 55.3 percent of the modifications reduced borrowers’ monthly payments, and 27,503, or 57.6 percent, were “combination modifications”—modifications that included multiple actions affecting affordability and sustainability of the loan, such as an interest rate reduction and a term extension.

The first-lien mortgages included in the OCC’s quarterly report comprise 24 percent of all residential mortgage debt outstanding in the United States or approximately 13.2 million loans totaling $2.64 trillion in principal balances. This report provides information on mortgage performance through March 31, 2021, and it can be downloaded from the OCC’s website at www.occ.gov.

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2022 Oklahoma Views & Vistas Calendar available for earlybird order

The 2022 Oklahoma Views & Vista Calendar is now ready to be purchased – order yours by Aug. 1 to get the special low price of just 99 cents per calendar. Pricing after Aug. 31 is $1.09 per calendar. Final deadline to purchase is Sept. 15.

This is a great way to share your bank’s logo and information to your customers! Click here for more information and an order form.

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OBA welcomes new strategic members

Stronghold Data
Stronghold Data is a CRN Security 100 Managed Service Provider, providing managed IT services and solutions to banks and financial institutions. We help professionals reach a new level of productivity with technology that suits how they work and what they do. With a highly secured data center, a multi-layered network security approach, and a dedicated team of experienced technicians, we take things from the reactive to the proactive. We prevent issues from happening, and as a result, our clients avoid common hurdles, reduce IT costs, improve employee experience and can focus on what really matters: their clients.
Contact: Greg Morse
531 N Schifferdecker Ave
Joplin, MO 64804
Phone: (417) 627-9878
Email: greg.morse@strongholddata.com
Website: www.strongholddata.com

Shield Compliance, LLC
Shield Compliance, LLC is a financial services company that provides a purpose-built BSA/AML platform for cannabis compliance. Our company transforms how financial institutions manage risk, comply with regulations, and satisfy operational demands associated with serving the legal cannabis market.
Contact: Tony Repanich
500 Union St Suite 310
Seattle, WA 98101
Phone: (425) 276-8235
Email: tony@shieldcompliance.com
Website: www.shieldbanking.com

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OBA education corner …

Rain, rain, go away, come back another day! I don’t want to overemphasize how much it’s been raining lately, but I’m pretty sure Aquaman just stopped by our offices to ask directions! Stay dry, stay inside and check out the latest education offerings below.

NOTE: Effective March 16, 2020, and until further notice, TTS (our webinar provider) has extended the OnDemand access period for all ‘Live Plus Five (Days)’ registrants to 60 days (versus five business days). Also, they are waiving the $75 per location fee for additional locations.

  • Executive Total Compensation – Strategies to Motivate and Incentivize, July 6, webinar — The session provides an educational overview of various compensation elements, focusing on current trends/best practices within community and regional banks.
  • Best-Ever Compliance Checklists for Consumer Loans, July 8, webinar — The checklists will chronologically lead lenders and processors through the various lending compliance requirements, and financial institutions that properly use these checklists will virtually eliminate compliance errors.
  • Opening Fiduciary Accounts, July 13, webinar — During this program we will review the set-up, documentation and legal issues involved in these high-risk accounts. You will learn how to style these accounts and get the signature card perfect every time.
  • Non-Comp Agreements Restrictive Covenants: Protecting Your Organization, July 15, webinar — We examine the key considerations for requiring that employees sign a non-compete agreement, factors that will impact whether an agreement can be enforced and alternatives to a non-compete agreement that should be considered.
  • Basic New Accounts Seminars, Aug. 18-Tulsa; Aug.19-Oklahoma City — This full-day workshop teaches essential new account opening procedures, best practices, and compliance requirements while focusing on vital identifying information for every new account type.
  • 2021 OBA Compliance School, Aug. 23-27, Oklahoma City — Students will return to their banks equipped to deal with compliance regulations that impact lending practices and deposit functions as well as other related federal and state laws and regulations.

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