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Author Archives: Esther Cho

LenderLive Network Appoints SVP of Marketing

LenderLive Network, a domestic-based, end-to-end mortgage services provider, appointed Patrice Power as SVP of marketing. With 30 years of brand marketing and management skills, Power has created strategic marketing plans and public and media relations and advertising campaigns for Fortune 1000 and Fortune 500 companies.

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Top Ten Code Violations Revealed

Property code violations come in all shapes and prices, but Field Asset Services (FAS) narrowed the list down to the top 10. The list is based on FAS's 30 mortgage and asset management clients; the company services more than 130,000 active properties on an ongoing basis. ""Cities and local municipalities across the nation are becoming more vigilant towards issuing code violations to reduce blight and improve neighborhood conditions,"" said Dale McPherson, CFO of Field Asset Services.

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Anticipation for Market Begins at Close of Settlement

While the $25 billion robo-signing settlement concludes 16 months of intense negotiations, questions still remain on how this will impact borrowers and the larger economy. Capital Economics stated that while it is good that the settlement has been finalized and will offer principal reductions and refinancing schemes to borrowers, the bigger picture is that the settlement is not large enough to dramatically alter the outlook for the housing market or the wider economy.

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Report: 30-year Fixed Rate Unchanged, Other Rates Climb

While the 30-year fixed rate mortgage remained at a record low, data released Thursday by Freddie Mac reported other rates are steadily moving upward. A strong January employment report added upward pressure to most mortgage rates this week, Frank Nothaft, VP and chief economist for Freddie Mac, said.

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Consumer Sentiment Improving, Fannie Mae Survey Shows

Respondents from a Fannie Mae National Housing Survey for January 2012 expressed expectations for home prices to increase by 1 percent over the next 12 months, and most Americans continue to expect no change in mortgage rates. This marks the fourth month in a row consumer expectation was positive. The Fannie Mae survey polled 1,000 Americans through a telephone interview to assess attitudes towards different areas of the mortgage industry, including owning and renting, rates, homeownership distress, and the economy.

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HOPE NOW Plans to Reach Military Homeowners

HOPE NOW announced plans to reach out to military homeowners facing foreclosure. Stakeholders representing the mortgage servicing industry, non-profit counselors, investors, regulators, and military members met in Washington, D.C. to strategize on ways to assist those in the military who are at risk of losing their home due to a permanent change in station and other issues.

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Homeownership Preservation Foundation Adds Two Directors to Board

The Homeownership Preservation Foundation (HPF) expanded its board of directors with two new appointments. Jill Kanin-Lovers and Prue Larocca are the new additions, increasing the HPF's board to 13 seats, which is about double the size since the beginning of 2010. The move reflects HPF's strategic goal of broadening the professional diversity and issues expertise of its board, according to a release.

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Report Reveals Number of Foreclosures Down From Last Year

A foreclosure report released by CoreLogic Wednesday revealed that the number of homes in foreclosure is decreasing nationwide. Completed foreclosures for 2011 totaled 830,000, compared to 1.1 million in 2010. The December 2011 completed foreclosures figure was also down to 55,000, compared to 67,000 in December 2010. CoreLogic's report also notes that in December of last year, servicers increased the rate at which they were able to process distressed assets, also known as the distressed clearing ratio.

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Servicers Asked to Consider a $21,000 “”Cash for Keys”” Option

After reports that the largest mortgage servicers, some attorneys general, and even some government agencies are not comfortable with the terms in the proposal to settle robo-signing allegations, there has been renewed effort to try to come to a solution that works for all parties. Now, the nation's top five mortgage servicers have reportedly been encouraged to consider a ""cash for keys"" option for 90-day plus delinquent borrowers that would pay them as much as $21,000 to move out.

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Elizabeth Warren Says Consumer Bureau to Serve as a “”Cop on a Beat””

In a testimony before a House subcommittee Wednesday, Elizabeth Warren explained the role the new Consumer Financial Protection Bureau (CFPB) will have regulating mortgage lenders and servicers. Warren, who serves as special advisor to the Treasury secretary for the CFPB, said she has been meeting ""early and often"" with representatives from the financial industry in order to make sure the lines of communication are open. She described the bureau's function as the new cop on the beat, here to enforce basic rules of governance.

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