News

In an article for the newsletter titled "Hardest Hit Fund Provides Locally Tailored Solutions for Struggling Homeowners," U.S. Department of Treasury Director of the Hardest Hit Fund Program Erin Quinn said that as of March 2015, almost 230,000 homeowners had received a combined $4.7 billion worth of assistance from the HHF Program.

Chicago-based default servicing law firm Codilis & Associates has announced the hiring of Kelli Snowgren Garcia as a marketing representative.

ClosingCorp, a San Diego-based residential real estate closing cost data and technology provider for the mortgage and real estate services industries, has announced the hiring of James Bolger as chief financial officer.

Freddie Mac recently announced the election of Lance F. Drummond as a director on the Enterprise's board. Drummond, 60, is a senior business leader with extensive experience specializing in business transforming strategy development and execution, operations, technology, and process re-engineering.

Foreclosure starts totaled 79,000 in June, which was the second-lowest lowest post-crisis monthly total, according to Black Knight. The lowest post-crisis monthly foreclosure start volume of 73,500 occurred in April 2015. Foreclosure starts have totaled less than 100,000 every month since January 2014.

Fairholme Funds made the request in court against the GSEs, claiming that their investor ownership stake was taken unlawfully from them by the government when the conservatorship occurred. Fairholme's efforts are a step toward getting their ownership stake returned to them.

The 79.2 value for the latest MiMi, which was released Wednesday, indicated a weak overall housing market but improved by 0.71 percentage points from April to May and by more than 2 percentage points over the three-month period from the beginning of March to the end of May. The MiMi value improved by more than 4 percentage points year-over-year in May, according to Freddie Mac.

Features of the enhanced dataset include information on credit performance up to, and including, property disposition. The credit information the new dataset provides includes event dates, the costs incurred by the credit event, and recovery proceeds that Fannie Mae receives.

Big data may seem like buzzword du jour, but with the proper application, there is big potential in big data to transform the default servicing industry.

Republicans believe the CFPB, which was created from the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010, has had the opposite effect of its intended purpose of protecting consumers from predatory financial activity; rather, they believe the Bureau has made big banks bigger and limits options for consumers.