Home / News / Loss Mitigation (page 327)

Loss Mitigation

Equator Sees Pickup in Short Sales, with 215,000 Initiated on Platform

Equator has initiated 200,000 short sale transactions through its technology platform since the system was first launched just seven months ago. Another 15,000 short sales have been initiated on the Equator platform that conform to the guidelines of the federal government's Home Affordable Foreclosure Alternatives (HAFA) program.

Read More »

Aon Launches New Program to Help Lenders Maximize Value of REOs

As foreclosures continue to flood the market, lenders are becoming overwhelmed with repossessed properties that may stay vacant or unfinished for months or years, making them susceptible to various types of damage. To avoid this risk, some lenders are seeking to maximize the value of their REO assets. In an effort to help lenders with this process, Aon Risk Services, the risk management and insurance brokerage business of Chicago-based Aon Corporation, has launched the Comprehensive Asset Maximization program.

Read More »

Loan-Level Data Added to Experian’s CreditHorizons for Securities

Experian recently announced that its CreditHorizons for Securities offering, which delivers Experian's consumer credit information for non-agency mortgage-backed security deals, now offers the ability to link consumer credit data to loan-level data through technology provider Lewtan's private-label deal library, ABSNet Loan. The company said this added capability expands the offering to a broader base of non-agency residential mortgage-backed securities investors.

Read More »

GE Capital Plans to Shed Half of CRE Portfolio

The finance arm of General Electric Co. is making plans to shrink its $80 billion commercial real estate portfolio by half. GE Capital, at one time, accounted for nearly half of its parent company's overall income, but the financial services company whose primary focus has been on commercial lending and leasing in the Americas, continues to struggle under the trials and tribulations of the nation's credit crisis and the real estate downturn.

Read More »

Pruvan Launches Photo Management Solution for Field Services Industry

Technology provider Pruvan unveiled a new photo management solution Monday that the company says will revolutionize the field services industry. The technology is designed to make the work order management process faster and more seamless for property preservation specialists and asset managers by allowing field crews to upload photos from the job site and document the work they've done, virtually in real time. Field Asset Services is the first user of the technology and the company says the results have proven to be a ""game-changer.""

Read More »

San Diego Firm Says Market Is Ripe for Short Sales and REO Disposition

According to QualityFirst Real Estate, a San Diego-based firm that specializes in REO, local market conditions are primed for a buying spree of bank owned and short sale properties. QualityFirst says property values there are headed back up and foreclosure numbers are dropping, with many real estate professionals now operating under the premise that the economy is finally beginning to turn around - the firm says all this makes now the time for homebuyers to pursue short sale and REO deals.

Read More »

Veterans Affairs Department Revises Loan Modification Guidelines

The U.S. Department of Veterans Affairs (VA) has issued new guidelines for modifying VA-guaranteed home loans. The new procedures are effective immediately, and give servicers the authority to restructure distressed loans in accordance with the administration's Home Affordable Modification Program (HAMP) if other loss mitigation options have been exhausted. VA says it expects servicers to exert all reasonable efforts to assist veteran borrowers in retaining ownership of their homes or mitigating losses by pursuing alternatives to foreclosure.

Read More »

California Senate Approves Foreclosure Protection When Servicer Errs

The California Senate has approved a new foreclosure bill and sent it to the Assembly for review. It lays out two major provisions intended to deter lax behavior on the part of servicers and prevent avoidable foreclosures in the state. The legislation would provide a means of recourse to homeowners whose homes were lost to foreclosure due to serious servicer errors, and it would prohibit servicers from starting the foreclosure process until a homeowner has received a final decision on their modification.

Read More »

Equifax Launches New Tool to Help Lenders Identify Undisclosed Debt

In an effort to help lenders identify undisclosed debt during the underwriting process and stay in compliance with Fannie Mae's updated policy regarding borrower liabilities, Equifax Inc. has launched a new mortgage solution--Undisclosed Debt Monitoring. According to the company, this new tool is the mortgage industry's first platform to monitor for and notify financial institutions of new accounts and borrower activity initiated during the ""quiet period,"" which spans from the mortgage application date to the loan closing date - a historical blind spot for lenders.

Read More »