Home / Author Archives: Krista Franks Brock (page 48)

Author Archives: Krista Franks Brock

Krista Franks Brock is a professional writer and editor who has covered the mortgage banking and default servicing sectors since 2011. Previously, she served as managing editor of DS News and Southern Distinction, a regional lifestyle publication. Her work has appeared in a variety of print and online publications, including Consumers Digest, Dallas Style and Design, DS News and DSNews.com, MReport and theMReport.com. She holds degrees in journalism and art from the University of Georgia.

Ohio Representative Calls for Temporary Foreclosure Moratorium

Rep. Marcy Kaptur, D-Ohio, submitted a resolution (H.Res. 344) calling for a temporary foreclosure moratorium to the House Financial Services Committee Friday. ""[T]he United States finds its housing market in a precarious and unstable state, where homeowners' mortgage balances are routinely larger than the current value of their homes and where people are losing their homes at an alarming rate,"" Kaptur states in the resolution. Kaptur notes that in April 2011, there were 219,000 new foreclosures, 7,300 each day.

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Commerce Velocity Aids Servicers in Implementing New Policy

Commerce Velocity, based in Irvine, California, has updated their Optimizer solution to better assist servicers as they comply with new industry requirements. The updates were designed to ensure timeliness, provide comprehensive audit trails, and allow for clear communication between loss mitigation and foreclosure departments. Commerce Velocity President Umesh Verma says, ""The sheer scale of loans in default or foreclosure, each requiring and deserving detailed attention, has been a major challenge for servicers to manage.""

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Rep. Barney Frank Speaks Out, MBA Responds

One year after the passage of the Dodd-Frank Act, Rep. Barney Frank, D-Massachusetts, speaks out with criticism for Republicans and industry participants who oppose the law or wish to change it. Frank's criticisms for Republicans include disapproval of their attempts to alter the proposed Consumer Financial Protection Bureau. Maintaining that risk retention is the most important part of the bill, Frank also censured industry members who oppose the proposed qualified residential mortgage (QRM) definition.

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FDIC Files Suit Against IndyMAC

The FDIC has filed suit against former IndyMAC Bancorp Inc. CEO Michael Perry for $600 million in losses caused by risky mortgage loans. The FDIC accuses Perry of purchasing $10 billion in risky residential loans.

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Regulators Close Three Banks

Regulators closed three banks over the weekend – two in Colorado and one in Illinois. Colorado Capital Bank, Castle Rock, Colorado, and Signature Bank, Windsor, Colorado, were closed by the Colorado Division of Banking, which appointed the Federal Deposit Insurance Corporation (FDIC) as receiver. First Chicago Bank & Trust, Chicago, Illinois, was closed by the Illinois Department of Financial and Professional Regulation, which also appointed the FDIC as receiver.

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New Technology Helps Servicers Implement ‘Single Point of Contact’

eMASON, Inc. has launched a new product that facilitates compliance with the new Single Point of Contact requirement set forth by the Obama administration. Clarifire Community Portal delivers business process automation, secure centralized communication, and real-time collaboration, while increasing efficiency and reducing cost. In addition to assisting servicers in implementing a ""Single Point of Contact,"" servicers can use the application to eliminate dual processing and for escalation and exception management processes.

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Proposed Bill Would Allow Banks to Classify Modified Loans as Accruing

Congressman Bill Posey of Florida has introduced a bill which would allow lenders to classify modified mortgages as accruing rather than non-accruing. Posey claims federal bank regulators are hindering the ability of community banks to modify home loans and keep homeowners out of foreclosure. A subcommittee of the House Financial Services Committee held a hearing Friday to review Rep. Posey's Common Sense Economic Recovery Act.

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Bank of America Faces Lawsuit Over Denied HAMP Modifications

A judge has denied Bank of America’s motion to dismiss a case involving tens of thousands of homeowners who claim the bank denied them help through the Home Affordable Modification Program (HAMP). Homeowners are asking that Bank of America provide permanent loan modifications to eligible borrowers and award damages to homeowners wrongfully denied modification. The attorney for the homeowners claims the bank is depriving homeowners of federal bailout funds that could save them from foreclosure.

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