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Home | Tag Archives: Foreclosure Prevention

Tag Archives: Foreclosure Prevention

Community Organizations Work to Prevent Foreclosure

delinquent-notice

Increasingly, community organizations are getting more involved in ensuring that their citizens are able to avoid foreclosure and stay in their homes. The motivation is simple, fewer foreclosures make for more stable communities. More stable communities reduce crime and protect property values. To that end, Boston Community Capital (BCC) created the Stabilizing Urban Neighborhoods (SUN) program to allow borrowers to remain in their homes, while still achieving principal reduction and lowering their monthly payment.

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Feature: New World Order

The veterans of this business can remember when REOs ran in the neighborhood of 150,000 a year, delinquency rates were just around 4 percent, and you only needed a credit score of 620 to qualify for a prime mortgage loan. But the housing finance industry, and default servicing especially, has changed. In the cover story of it's September issue, DS News looks at the many factors--from a slew of new regulatory mandates to an altered public perception of debt obligations--that have altered the business into something far from customary.

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Commentary: What’s in Store for Housing in 2014, Part 1

Many economists and market observers have suggested the market is poised for continued growth as the recovery enters its third year, and there are positive elements in play that provide some reasons for optimism. Recent loan vintages continue to perform at levels better than historical norms, which has allowed the industry to work through its backlog of distressed assets; foreclosure activity is declining; and housing starts have begun to rise.

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Freddie Mac’s Mortgage Portfolio Shrinks at Fastest Rate This Year

Freddie Mac's mortgage book of business contracted at an annualized rate of 6.4 percent in October, marking the fourth consecutive month of declines. The book has registered declines in seven of the first 10 months of 2013, according to Freddie Mac's monthly volume summary. October's pace of decline was the highest rate so far this year and is up from a 4.3 percent annualized rate reported for September.

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Treasury Adds New Compliance Metrics to Making Home Affordable

The servicer assessment component of the Making Home Affordable (MHA) program has been enhanced with new compliance metrics and benchmarks to measure the impact of servicer performance on the borrower's experience. Individual servicer assessments are conducted quarterly to identify areas of non-compliance and drive improvements in servicers' execution of the federal program.

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Business Declines for Private Mortgage Insurers

A total of 38,908 insurance certificates for borrowers seeking to buy or refinance a home were issued by members of Mortgage Insurance Companies of America (MICA) in October. That number sits lower than most other months of 2013 and is nearly 4,000 less than last October. At the same time, dollar volume on insurance written throughout the month was the lowest since May 2012.

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VA Increases Allowable Attorney Fees

The U.S. Department of Veterans Affairs (VA) recently published a notice in the Federal Register that new maximum foreclosure attorney fees will be allowed for loan terminations completed on or after December 12, 2013. Maximum fee amounts vary by state. There are no changes in the amounts allowed for deeds-in-lieu of foreclosure or bankruptcy releases, although VA continues to review these fees.

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Major Servicers Fail Seven Settlement Compliance Tests

The former banking regulator overseeing the National Mortgage Settlement has released a summary of the latest reports he filed with a federal court in Washington, D.C. The reports detail the performance of five major servicers in meeting the terms of the agreement reached with 49 state attorneys general and federal officials. Joseph Smith says he's confirmed six fails in the first quarter of 2013 and one in the second quarter.

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