Home / News / Loss Mitigation (page 295)

Loss Mitigation

Dallas Fed Says 11th District Banks Performing Well, with Some Stress

According to the fourth quarter issue of Southwest Economy, published by the Federal Reserve Bank of Dallas, banks in the Eleventh Federal Reserve District are performing well, although signs of stress are still apparent. The report states that about 30 percent banks in the district, which includes Texas, northern Louisiana and southern New Mexico, find that even after restructuring troubled loans to give borrowers easier terms, many of the loans become delinquent again.

Read More »

CitiMortgage to Hold Call-a-Thon to Assist Distressed Homeowners

CitiMortgage will host a mortgage assistance call-a-thon on Wednesday for customers who have concerns about paying their mortgages. The event begins at 7 a.m. on December 15, and continues until 1 a.m. on the morning of Thursday, December 16, EST. CitiMortgage borrowers can call the company's foreclosure prevention centers for information and advice during these expanded customer service hours. Foreclosure prevention experts will staff the event, but senior managers and supervisors will be on hand to provide additional support.

Read More »

HAMP Will Fall Short of Goal with Only 700K Helped: Report

The Obama administration's signature foreclosure prevention program will help only 700,000 Americans save their homes, according to a scathing report released Tuesday by the Congressional Oversight Panel. The group's assessment falls far short of the 3 to 4 million homeowners that the president pledged would receive more sustainable mortgage loans when the Home Affordable Modification Program (HAMP) was launched in March of last year, and is well below the 8 to 13 million foreclosures expected by 2012.

Read More »

Interthinx Awarded General Services Administration Certification

Interthinx was awarded a Federal Supply Schedule contract by the General Services Administration (GSA) to sell its products and services directly to federal government organizations. The contract streamlines the government procurement process and allows government customers to buy offerings at pre-negotiated rates. Interthinx will offer government customers access to mortgage risk mitigation tools.

Read More »

Bank of America Gets Low Marks for Delinquency Resolution

The time mortgage loan servicers take to resolve delinquent loans through modification or foreclosure varies widely. According to an analysis by Moody's Investors Service, Bank of America has demonstrated the weakest performance measured both by its speed in resolving the status of delinquent loans and by its proportion of delinquent loans that have yet to be resolved. The ratings agency found that GMAC Mortgage, on the other hand, has generally performed better than its peers.

Read More »

MIAC Closes Sales of GSE Servicing Portfolios

Mortgage Industry Advisory Corporation (MIAC) just announced that it closed the sale of two Freddie Mac bulk mortgage servicing portfolios in November with a combined unpaid principal balance of approximately $2.5 billion. The portfolios carried delinquency rates of 1.28 percent and 3.87 percent. The New York-based brokerage says it will be marketing a $70 million Fannie Mae mortgage servicing deal later this month.

Read More »

Pegasystems Announces New Solution in Loan Foreclosure Processing

Pegasystems Inc, a provider of customer relationship management solutions, has launched a new pre-foreclosure solution that allows mortgage servicers to implement regulatory quality controls before foreclosure. The timing of the product roll-out couldn't be more apt, considering the uncertainty now surrounding foreclosure documentation and servicing procedures due to the recent robo-signing fiasco.

Read More »

Bank of America Will Move Origination Jobs to Modification Department

In order to deal with the influx of loan modifications that many banks are dealing with, Bank of America Home Loans has made the decision to move some of its mortgage loan originators and other staff to the loan modification department. The company plans on shifting around 2,500 employees to the modification side, where they will remain for at least the majority of 2011. That will bring the bank's team of home retention professionals to nearly 30,000.

Read More »

Pressure Mounts for Fannie and Freddie to Write Down Mortgages

With property values still tumbling, it's no surprise that nearly a quarter of the nation's mortgage borrowers owe more than their home is worth. Industry studies support the consensus that the farther a borrower sinks into negative equity, the more likely they are to throw in the towel. The severity of this catch-22 is now top-of-mind for government officials. The administration is reportedly pressuring Fannie Mae and Freddie Mac to make principal write-downs a key component of their foreclosure prevention efforts.

Read More »

Industry Completes over 1.5M Loan Mods in First 10 Months of 2010

New data from HOPE NOW shows that the industry completed more than 1.5 million loan modifications for at-risk homeowners from January through October of this year. That translates to an average of 154,000 homeowners per month who have been able to remain in their homes with an affordable loan modification solution. The report makes it clear, though, that there's far more work to be done. HOPE NOW says there are currently 3.4 million homeowners 60 or more days behind on their mortgage payments.

Read More »