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Loss Mitigation

Refinancing Borrowers Shun ARMs

Ninety-seven percent of prime borrowers who originally had a conforming adjustable-rate mortgage (ARM) chose a new conforming fixed-rate mortgage (FRM) when they refinanced in the fourth quarter of 2008, according to a report released today by Freddie Mac analyzing refinancings funded by the GSE.

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MDA Automates Portfolio Risk Analysis

Wilmington, Delaware-based MDA Lending Solutions has announced the launch of ARTAdvisor from MDA MindBox. The technology platform provides risk management, from early risk detection through loss mitigation, by automating the review, analysis, and management of any size mortgage portfolio.

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Lockhart Addresses Secondary Market Modifications

James B. Lockhart III, director of the Federal Housing Finance Agency (FHFA) overseeing GSEs Fannie Mae and Freddie Mac, recently spoke with members of the American Securitization Forum (ASF) about the role the secondary mortgage market must play in the nation’s housing recovery.

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eMASON Announces Fannie Upgrades to Clarifire

Clearwater, Florida-based eMASON, Inc. has announced key product upgrades to its Clarifire application that the company says will provide increased flexibility and expanded capabilities. Clarifire now features certified Fannie Mae loss mitigation business rules for HomeSaver Advance and pre-foreclosure sale workout types, as well as a direct connection to Fannie Mae’s system of record, Home Saver Solutions Network (HSSN).

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Wingspan to Negotiate for Homeowners

Wingspan Portfolio Advisors, LLC, a Dallas-based mortgage servicer specializing in highly delinquent loans, has announced a new division focused on helping defaulted borrowers avoid foreclosure. Called Foreclosure Resolutions, the division leverages Wingspan Portfolio Advisors’ specialized capabilities as problem loan servicers to deal with lenders and their loan servicers on behalf of borrowers and negotiate arrangements that allow people to keep their homes, the company explained.

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IMS Adds New Clients for Borrower Outreach and REO Management

Integrated Mortgage Solutions (IMS), a collateral protection resource for the mortgage servicing industry, announced today at the Mortgage Bankers Association’s National Mortgage Servicing Conference & Expo in Tampa, the addition of two new clients to its Asset Disposition and Management Services (ADAM) division.

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Regulators Want More Loan Mod Data

The Office of the Comptroller of the Currency (OCC) and the Office of Thrift Supervision (OTS) are expanding the scope of the mortgage performance data gathered from national banks and thrifts to include additional information on the affordability and sustainability of loan modifications made in 2008.

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Titanium Introduces Homeowner Contact Suite

At the 2009 Mortgage Bankers Association (MBA) Mortgage Servicing Conference in Tampa, Florida, on Tuesday, Titanium Solutions, Inc., a provider of homeowner contacting and consulting services, announced the launch of HomeTouch.

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