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Loss Mitigation

LenderLive Launches Gov. Loan Mod Campaign with Top Servicer

Denver, Colorado-based LenderLive Network Inc., a company that provides business process outsourcing and technology to the financial industry, announced on Monday that it has successfully launched its first large-scale Home Affordable Modification Program (HMP) campaign with one of the nation’s top four servicers.

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Report: Re-Defaults Still Rising

The Office of the Comptroller of the Currency (OCC) and the Office of Thrift Supervision (OTS) released their Mortgage Metrics Report for the fourth quarter of 2008 on Friday, which showed that re-default rates following loan workouts to help homeowners avoid foreclosure are still escalating.

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CGI Launches Collections Recovery Site

Fairfax, Virginia-based CGI Group Inc., a provider of information technology and business process services, announced on Tuesday the launch of a collections microsite focused on helping banks turn rising delinquencies into recoveries.

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HOPE NOW: 134,000 Mortgages Modified in February

HOPE NOW announced on Monday that its members and the larger mortgage lending industry modified 134,000 home loans in February that were in danger of foreclosure, a nine percent increase over the number of mortgages modified in January.

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Chase Opens Loan Mod Centers

Over the past several weeks, New York’s JP Morgan Chase has opened the doors to 24 loan modification centers across the country, setting up shop in some of the cities hardest hit by the nation’s sweeping foreclosure crisis.

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Mortgage Industry Warms to Obama's Foreclosure Relief Plan

The Association of Community Organizations for Reform Now (ACORN) announced last week that a recent survey it conducted signals hope on the horizon for struggling homeowners facing foreclosure. The activist group said it surveyed all major mortgage servicing companies in the nation, and has found that at least 76 percent of outstanding mortgage loans are serviced by companies who have committed to implementing the Obama administration’s Making Home Affordable loan modification program.

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Court Halts Bogus Loan Mod Operations

At the request of the Federal Trade Commission (FTC), a U.S. district court has ordered two South New Jersey-based companies to stop falsely advertising that they are part of the mortgage assistance network, HOPE NOW Alliance, and that they successfully modify mortgages for almost all of their clients or else give refunds.

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Former Fannie Exec Allnutt Heads New REDC Default Solutions

Irvine, California-based real estate auction company Real Estate Disposition Corporation (REDC) announced on Thursday the launch of a new division: REDC Default Solutions. The new business group will focus on loss mitigation, REO asset management, and asset valuation for lenders and financial institutions.

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Gov. Launches Homeowner Website

In a joint effort, the U.S. Department of the Treasury and the Department of Housing and Urban Development (HUD) launched a new Website on Thursday for troubled homeowners seeking information about the administration’s Making Home Affordable loan modification and refinancing program.

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Wayne County Sheriff Resumes Foreclosure Sales

Sheriff Warren Evans of Wayne County, Michigan announced this week that he is resuming foreclosure sales. Evans halted all foreclosure sales in his jurisdiction on February 2nd, in anticipation of a foreclosure relief plan from the federal government.

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