Though three million borrowers nationwide remain underwater, representing about 6.1 percent of the active mortgage universe, the number of underwater borrowers is down about 79 percent from the peak of 15 million in 2010, according to Black Knight.
Read More »Freddie Mac Completes NPL Sale With $591 Million in UPB
About 28 percent of the aggregate pool balance consisted of previously modified mortgages that subsequently became delinquent, according to Freddie Mac. The transaction is part of Freddie Mac's Standard Pool Offerings (SPOs) and is expected to settle sometime in mid-September.
Read More »Fannie Mae’s Mortgage Portfolio Contracts at Double-Digit Rate for Third Straight Month
Though the value of Fannie Mae's Book of Business remained relatively flat from May to June, the GSE's gross mortgage portfolio took another tumble, falling another $5 billion down to a total value of about $390 billion, according to Fannie Mae's June 2015 Monthly Volume Summary released Friday.
Read More »Ocwen’s Net Income Takes a $57 Million Hit in Q2
Faris also noted that the company sold off a large portion of non-performing servicing, reduced their corporate debt, and revealed a new cost improvement initiative.
Read More »Monitor Credits Bank of America with $1.19 Billion Toward Settlement Obligation
Green reported that most of the $1.181 billion credit Bank of America was credited with in Q1 was based on 2,938 first lien principal forgiveness loan modifications. Those modifications, which include principal forgiveness, interest rate reduction, and bringing loans current without penalty, are intended to make mortgages more affordable for struggling homeowners.
Read More »WaterfallCalc.com Upgrades Loss Mitigation Software
WaterfallCalc.com, an affordable, user-friendly loss mitigation waterfall calculator designed to meet the needs of all FHA mortgage servicers, has released Version 2.0 of its popular software, according to an announcement from the Grand Rapids, Michigan-based company.
Read More »LOGS Network Announces Hiring of New CFO
The LOGS Network, a centrally-managed network of professionals that includes attorneys, trustees, title personnel, and collection staff who represent the mortgage servicing and consumer credit industries, has announced the hiring of Richards Smith as chief financial officer.
Read More »GDP Growth Substantially Improves in ‘Advance’ Q2 Estimate
The nation's real gross domestic product (GDP) bounced back from a dismal first quarter with an annual growth rate of 2.3 percent in the "advance" estimate for Q2 released Thursday by the Bureau of Economic Analysis (BEA).
Read More »Servicers’ Attention to Small Pool of At-Risk Borrowers Negatively Impacts Satisfaction
At-risk customers, those that J.D. Power defines currently behind in their mortgage payments or concerned about keeping current during the next year, represent only 15 percent of the survey respondent pool. This small group has been the center of regulatory and other government agencies such as the Consumer Financial Protection Bureau (CFPB), Fannie Mae, and Freddie Mac.
Read More »CFPB Penalizes Texas-Based Servicer for Blocking Borrowers’ Efforts to Stop Foreclosure
CFPB said the company put consumers in "loan modification purgatory," confusing them about the status of their loan mods and making it difficult to take appropriate action.
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