Default Servicing

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Attorney Stacia E. Peterson discusses a new law change regarding the issuance of a summons and service of a complaint via electronic means.

New seven-year deal enables Hawaii-based bank to offer real-time mortgage servicing to help power the customer experience.

The MBA reports that approximately 255,000 homeowners remained in forbearance plans through April, as mortgage servicers have provided forbearance options to nearly 7.8 million Americans since April 2020.

All types of credit, mortgages and credit cards included, were up in Q1 of 2023.

“The mortgage delinquency rate fell to its lowest level for any first quarter since MBA’s survey began in 1979 and was the second lowest quarterly rate overall, just 11 basis points above the survey low in the third quarter of 2022,” said Marina Walsh, CMB, MBA’s VP of Industry Analysis.

The FHFA will host a hybrid hearing of the Appraisal Subcommittee exploring the appraisal regulatory system focusing on appraisal standards, appraiser qualification criteria, and barriers to entry into the profession.

ATTOM's 2023 U.S. Foreclosure Market Report revealed that foreclosure starts are down 7% from April, while completed foreclosures also decreased nearly 40%. According to the report, one in every 4,234 housing units nationwide had a foreclosure filing last month.

In a deal for $324 million in cash, the acquisition of Home Point’s $84 billion servicing portfolio is expected to contribute to Mr. Cooper’s return on equity, with estimated 10% accretion to operating earnings within the first year.

The two-day summit featured a servicer certification class, followed by a day of panels from experts and highly placed people on a variety of bankruptcy- and default-related topics related to bankruptcy and other areas related to attorneys.