Counsel's Corner is an ongoing series in which DS News talks with default servicing attorneys around the country about the most pressing issues facing the default servicing industry. This installment features Michael Woods, Supervising Attorney of the Foreclosure and Loss Mitigation Departments for Potestivo & Associates in the Detroit area.
Read More »Agency Purchase Loans Increase Substantially; Risk Index Hits Series High
May's NMRI stood at 12.33 percent, which was an increase of 0.4 percentage points from the prior three-month average and a jump of 0.7 percentage points from May 2014, according to AEI. The composite risk index reached a series high, as did the index for Veterans Affairs-backed loans, while the share of high-risk loans backed by the Federal Housing Administration (FHA) increased.
Read More »Assure360 Welcomes New VP of Shared Services
Technology and outsourcing solutions firm assure360 has announced that Tracy Wierzelewski has been named the company's VP of shared services, according to the company's Chief Operations Officer, Adam Hansen.
Read More »GDP Contracts in Final Q1 Estimate, But Majority of Lenders Remain Optimistic
According to Fannie Mae's National Housing Survey for May 2015 released earlier this week, the majority of mortgage lenders (61 percent) believe that the economy is on the right track, while 29 percent said they believed it was on the wrong track.
Read More »Key Takeaways From CFPB Whistleblower Hearing in House Subcommittee
Witnesses who testified at the hearing were Robert Cauldwell, President of the National Treasury Employees Union Chapter 335 and CFPB Examiner, and Florine Williams, Senior Equal Employment Specialist of the CFPB's Office of Civil Rights. Cauldwell went as far as to say the word "allegations" should be removed from the title of the hearing, because "discrimination and retaliation against CFPB employees is a fact."
Read More »HUD Appropriations Bill Passes in Senate Committee
According to a press release from the committee, this action will make $55.65 billion in funds available for consideration by the Senate, a $1.88 billion increase from FY2015 and $7 billion below the amount the President Obama requested. The legislation provides $37.56 billion for HUD specifically, an increase of nearly $2 billion above the FY2015 enacted level and $3 billion below the President’s request.
Read More »Federal Court Rules HOAs Cannot Use ‘Super-Priority Lien’ to Foreclose on GSE-Backed Loans
Judge Gloria Navarro ruled in the case of Skylights LLC v. Byron that federal law prohibited a state-law HOA foreclosure from extinguishing a first deed of trust that is guaranteed by one of the government-sponsored enterprises.
Read More »Hazard Claims Challenges Within Our Industry: What Are Your Clients Concerned With?
To limit risk, mortgage servicers manage hazard claim lines by prioritizing and addressing major areas of vulnerability, one of which is physical damage at assets either in the process of foreclosure or currently in REO status.
Read More »Former FDIC Chair to Deliver Keynote Address at Women in Housing Leadership Forum
A renowned financial reform advocate, Bair was appointed by then-President George W. Bush to lead the FDIC in 2006 and stayed in that position for five years through the financial crisis. In her role as FDIC chair, Bair was one of the first officials to warn about the damage the subprime crisis would cause to homeowners and the economy.
Read More »Wells Fargo Leader Named Chairperson of National Mortgage Servicing Association
J.K. Huey, SVP of asset management and preservation with Wells Fargo Home Mortgage, has been appointed the chairperson of the Five Star Institute National Mortgage Servicing Association (NMSA), according to an announcement from Five Star.
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