Daily Dose

With no fundamental changes to the origination process in decades, the lost efficiency, increasing costs and decreasing profits, combined with ever-merging regulatory hurdles, have left a gap in the mortgage industry to be filled by "disruptors," who are innovators creating new business models to better serve the industry.

Following his introduction of the Consumer Reporting Fairness Act last month, Senator Sherrod Brown (D-Ohio) this week urged federal government agencies to more closely monitor the selling of so-called "zombie debt" by financial institutions to debt collector.

Under the CFPB’s proposed rules, most borrowers in bankruptcy would receive periodic statements/coupons, unless the borrower requests that the servicer stop sending them; surrenders the property; the court avoids the lien; or the lien is relieved from stay.

With more Americans worried about where the economy is headed, fewer are optimistic about the prospect of selling their homes, according to Fannie Mae’s July National Housing Survey, released Friday.

Bank of America is offering five pools of residential mortgage loans for sale totaling $1.2 billion that range in status from current to modified to non-performing.

Also of note, job gains for May and June were revised upward for a combined total of 14,000 more jobs than were originally reported, according to the BLS. Smoke said the job growth in the last year, which has been consistently strong in the last nine months, has been a key reason for stronger housing demand this year.

Fannie Mae and Freddie Mac have combined to help approximately 121,000 homeowners avoid foreclosure through a variety of both retention and non-retention solutions through the first six months of 2015.

New York Attorney General Eric Schneiderman, along with housing advocates and local lawmakers, on Thursday highlighted the success of three programs his office has created in the last three years in order to help families avoid foreclosure and keep their homes.

Although this increase may seem marginal, this one point rise up places the market closer to the one point goal, indicating that it has returned to normal. In addition, 66 percent of markets have shown improvement year-over-year.

Of that 9.9 percent distressed sales share reported for May 2015, REO sales accounted for 6.4 percent of all home sales, the lowest share for REO since October 2007, when it was reported at 6 percent.