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Loss Mitigation

Enhancements to HUD’s Distressed Asset Program Give Borrowers More Protection

Under the new rules, loan servicers are required to delay foreclosure on a home for a year and evaluate all borrowers facing foreclosure for participation in the government's Home Affordable Modification Program (HAMP) or a similar loss mitigation program. Loan servicers could previously foreclose on a home six months after they received the loan and were not required to evaluate borrowers for loss mitigation programs, though they were encouraged to do so.

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Judge Rules Wells Fargo Breached Terms of 2010 Mortgage Settlement

Judge Richard Seeborg, in the U.S. District Court of Northern California, ruled that Wells Fargo had breached the terms of the settlement by using "evolving and perhaps ill-defined standards" when determining borrowers' eligibility for a loan modification, according to one report. At the same time, however, Seeborg told both sides they had had "almost no idea" what they agreed to in the settlement.

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HOPE NOW Planning Loss Mitigation Outreach Events Nationwide in 2015

HOPE NOW announced that from its creation in 2007 until the end of 2014, the mortgage industry has completed more than 23 million non-foreclosure solutions for homeowners, including 7.3 million permanent loan modifications. In January 2015, lenders and servicers offered homeowners another 158,000 non-foreclosure solutions.

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Report: GSEs’ HAMP Modifications Perform Better Than Non-HAMP Mods

According to FHFA, nearly 1.1 million distressed homeowners have been offered a HAMP modification since April 2009, when Treasury and HUD started the program. Out of those, approximately 638,200 homeowners received permanent modifications. As of the end of the fourth quarter, about 7,700 homeowners were currently involved in a trial HAMP modification.

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Wells Fargo to Close Servicing Site, Lay Off 1,000 Employees

Wells Fargo cited the improving economy in the last two years along with steady declines in delinquencies and fewer borrowers in need of mitigation options to avoid foreclosure as contributing factors to the closing of the Milwaukee office. The bank said the closing will be effective in late July.

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Non-Profit Awards $44.8 Million Through Foreclosure Mitigation Counseling Program

While foreclosure numbers have declined significantly since the peak years of 2010 and 2011, a recent uptick in foreclosure starts demonstrates the need still exists for loss mitigation programs such as the NFMC to help families and individuals stay in their homes when their mortgages become delinquent. The current demand for NFMC grant funds ($87 million) was nearly double the amount of $44.8 million that was awarded.

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