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Loss Mitigation

Chase Moves to Speed Loan Mod Evaluations

Chase says it ""remains committed to helping customers avoid foreclosure."" In an announcement issued Wednesday, the bank outlined several key initiatives it has undertaken to better serve borrowers who are struggling with their mortgage payments, including adding 8,000 loan counselors and staffers to work directly with homeowners, assigning a specific counselor to each customer, and establishing a centralized location for document collection and imaging.

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Late Payments Rise on Second Mortgages, Decline for Firsts: Report

Default rates in July declined for first mortgages, but a larger number of homeowners fell behind on their second lien payments, according to data released jointly by Standard & Poor's and Experian. The companies' credit indices show defaulting balances on first mortgages were 3.2 percent last month, down from June's 3.3 percent, demonstrating continued improvement in the performance of first lien home loans. Second mortgage defaults, however, increased to 2.8 percent from 2.4 percent the month prior.

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DRI’s New Default Management Platform Assists Overburdened Servicers

Default process management software provider DRI Management Systems, Inc., has announced its new Web-based, loan servicing application for the mortgage industry, Rincon. According to the California-based company, the Rincon platform helps overburdened servicers keep pace with demands for borrower assistance. Rincon is expected to double or triple the workload each servicing specialist can handle.

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Nearly Two-Thirds of Delinquent Mortgages Untouched: Study

According to a report from state attorneys general and bank supervisors from across the country, more than 60 percent of homeowners with seriously delinquent loans are still not involved in any form of loss mitigation with their servicer. The ratio is disconcerting considering the group also found that loan modifications today are resulting in significant payment reductions with fewer redefaults. Absent improvements in foreclosure prevention efforts, the group expects hundreds of thousands of foreclosures will occur later this year.

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Arizona Court: $123M Trigild Sale Approved

The Arizona Superior Court issued a ruling this month that allows San Diego-based receivership and loan recovery specialist Trigild to sell seven Arizona apartment complexes to Standard Portfolio for $123 million. The 2,759-unit portfolio was abandoned last year by the investment firm Bethany Group and placed into receivership in March 2009. The court's ruling allows the properties to be sold without requiring the lender to foreclose prior to the sale.

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Property Management Company Grows with Lease-and-Hold Strategy

Real Property Management says it has transitioned thousands of REO properties into rentals by using a lease and hold strategy. The company offers its rental initiatives to former owners of foreclosed properties or to new tenants, and says local, regional, and national banks, as well as other mortgage owners are now turning to a lease and hold strategy as REO inventories balloon.

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Real Estate Pros Affected by Oil Spill Eligible for Financial Assistance

National Catastrophe Adjusters, Inc. has been selected to administer a special allocation of funds dedicated to pay claims for real estate professionals who have lost business because of the April 20th Deepwater Horizon oil spill. This financial assistance will be administered outside of the recently established Gulf Coast Claims Facility and is earmarked for emergency payments to eligible real estate professionals licensed in Florida, Alabama, Mississippi, Louisiana, and Texas.

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GSEs’ Foreclosure Pipelines Will Grow Well into 2011: S&P

Despite the continued efforts of mortgage giants Fannie Mae and Freddie Mac to find sustainable workouts for delinquent borrowers, the analysts at Standard & Poor's expect the GSEs' foreclosure inventories to continue to swell. The two companies have each already completed about 40 percent more workout volume during the first half of 2010 than they did in all of 2009. Still, the ratings agency says annualized loan workout activity (as a percentage of existing delinquent loans) remains less than half at both institutions.

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Altisource Adds Short Sale and Deed-in-Lieu Services

Altisource Portfolio Solutions has added short sale and deed-in-lieu services to its arsenal of programs for mortgage lenders and servicers. Altisource has been providing services related to real estate mortgage portfolio management, asset recovery management, and customer relationship management for two decades. The company says this new venture will allow lenders and servicers to enhance their loss mitigation programs from a single-source, end-to-end provider.

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Lenders One and AllRegs Partner for Mortgage Banking Compliance

Lenders One Mortgage Cooperative recently announced its partnership with AllRegs as the organization's newest preferred vendor. Lenders One is a national alliance of more than 150 independent mortgage bankers, correspondent lenders, and suppliers of mortgage products and services. The company says its newest arrangement with AllRegs will provide these members with compliance training programs and access to a central repository for single and multifamily underwriting and insuring guidelines.

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