Phoenix-based Sharp Equity has begun offering title insurance for foreclosed homes purchased at trustee auctions in Arizona. The company says it's the first in the state to do so, and touts its approach as removing the last major risk from trustee sales and opening up the foreclosure market to the general public.
Read More »Government, Agents, Lenders, Vendors: One United Force When It Comes to HAFA
The administration's Home Affordable Foreclosure Alternatives (HAFA) program is in effect, and players from every corner of the industry are teaming up and working in unison to help ensure the short sale program's success. The Treasury's Laurie Maggiano tells DSNews.com that major servicers are ready, with dedicated staff on hand to handle the influx of short sale requests. And some of the biggest players, like Bank of America, are taking it one step further, partnering with technology firm Equator and RE/MAX agents to hit the ground running.
Read More »iServe Servicing Receives Certification to Participate in HAMP
In an announcement Monday, Irving, Texas-based iServe Servicing, Inc., a residential mortgage special servicer of performing, sub-performing, non-performing, and bank-owned assets, said it has received certification to participate in the Home Affordable Modification Program (HAMP).
Read More »IndiSoft Launches Realtor Portal to Meet HAFA Directives
Technology provider IndiSoft, LLC, has announced that effective immediately, its RxOffice platform meets the Home Affordable Foreclosure Alternatives (HAFA) program requirements, which take effect today, Monday, April 5. In addition, the company announced the roll-out of its new RxOffice Realtor portal, which IndiSoft says will help Realtors manage the anticipated upsurge in short sale transactions expected with HAFA's implementation.
Read More »HAFA is Officially Underway
The deadline for servicer implementation of the administration's Home Affordable Foreclosure Alternatives (HAFA) program has arrived. HAFA aims to help homeowners who are unable to qualify for a loan modification by providing them with the option to pursue a short sale or deed-in-lieu. To encourage HAFA participation, the Treasury Department raised financial incentives. Borrowers are now eligible for $3,000 in relocation assistance, and servicers will receive $1,500 to cover administrative and processing costs for a short sale or deed-in-lieu completed under the program.
Read More »Barclays: Housing from the Banks’ Point of View
There is a growing consensus among lenders that home prices have stabilized, according to analysts at Barclays Capital. Research by the investment firm also indicates that loan mod efforts have risen significantly, and banks are more aggressively disposing of troubled real estate assets. Barclays' analysts sifted through the Q4 earnings transcripts for 20 regional and national banks to decipher their take on the housing market, and the conclusions point to significant improvements when it comes to real estate holdings.
Read More »Lawmakers Introduce Bill to Eliminate Servicing Conflicts of Interest
There are thousands of troubled mortgages in need of modification, but some lawmakers think there is a conflict of interest, in the form of second mortgage ownership, that may be preventing large mortgage companies from voluntarily offering modification services. In hopes of eradicating this issue, two members of the House Financial Services Committee have introduced the Mortgage Servicing Conflict of Interest Elimination Act, which prohibits servicers from owning debt secured by a home that backs a mortgage they already service.
Read More »Prudential and RealtyTrac Expand Alliance
Prudential Real Estate and Relocation Services, Inc., the integrated real estate brokerage franchise and relocation services business of Newark, New Jersey-based Prudential Financial, Inc., and Irvine, California-based RealtyTrac, an online real estate marketplace, recently announced an expansion of their business relationship.
Read More »Fannie Bars Foreclosure Actions in the Name of MERS
In new policy guidelines released this week, Fannie Mae told servicers that they can no longer name MERS as the plaintiff in any foreclosure action, whether judicial or non-judicial, on a mortgage loan owned or securitized by the GSE. MERS is widely used by the industry to keep track of the servicing rights on home loans, and is often listed as the ""mortgagee of record."" But the system has become the centerpiece of a number of lawsuits, with foreclosed homeowners challenging the naming of the electronic system as mortgagee.
Read More »Maryland Gives HOPELoanPort the Green Light
At a briefing of state housing counselors held this week at the HomeFree-USA office in Prince George's County, Maryland, Congressman Steny Hoyer and Raymond Skinner, Maryland Department of Housing and Community Development secretary, both expressed their support for HOPE LoanPort, making Maryland the first state in the nation to publicly endorse the program.
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