Home / News (page 1430)

News

Residential Credit Solutions Issues $110M Pool of Loans and Real Estate

Residential Credit Solutions announced Tuesday that it has issued a newly created asset-backed securitization comprised of residential loans and real estate. The secondary market offering carries a value of more than $110 million. Forty-four percent of the structure is collateralized with delinquent mortgages and REO properties and 46 percent is current mortgage loans.

Read More »

U.S. Bank Agrees to Pay $1.2M in HUD Settlement

Under the terms of a settlement reached with HUD late last week, U.S. Bank will pay $1.2 million to resolve allegations that it failed to comply with Federal Housing Administration (FHA) requirements in connection with 27 mortgage loans. U.S. Bank is the FHA's eighth largest mortgage lender. U.S. Bank did not admit any liability, but HUD documented losses of more than $465,000 in relation to these loans.

Read More »

Prommis Solutions Promotes Five Executives to VP Positions

Prommis Solutions, a provider of outsourced services for the mortgage default resolution process, has promoted five executives. Kevin Phelan, Brandy Green, Matthew Thigpen, Michelle Ansley and Steven Collier have all been promoted to new executive positions, giving them new responsibilities in support of the company's growth plans for the remainder of 2011 and into 2012.

Read More »

National Asset Management Firm Launches HOA Subsidiary

MMREM, a national asset management firm for federal agencies and private sector servicers, investors, and insurers, launched its partial subsidiary Sperlonga Data and Analytics last week. Sperlonga provides servicers, title agents, real estate brokers, appraisers, and originators with a centralized repository of homeowner association (HOA) information and payment demands.

Read More »

Distressed Deals Push Commercial Real Estate Prices to New Cycle Low

Prices on U.S. commercial real estate fell 4.2 percent in March, according to a national index released by Moody's Investors Service this week. The latest drop brings the index down to its lowest level since its peak in October 2007. A high volume of distressed transactions are weighing on price performance, Moody's says. However, the agency's analysts note that they've seen a pick-up recently in the number of deals trading hands overall, which they see as a positive sign for the commercial real estate market as it sets the stage for recovery.

Read More »

Local Agents Report Fewer Distressed Homes Sold in California in April

California's distressed home sales dropped in April for the second consecutive month, according to the state's local Realtors group. The California Association of Realtors reports that the total share of all distressed property types sold statewide - including REOs and short sales - declined to 48 percent, down from 51 percent in March. The group says bargain hunters and investors were joined last month by homebuyers who are timing their decisions to coincide with the start of the spring season and targeting more non-distressed properties.

Read More »

California Attorney General Forms Mortgage Fraud Strike Force

California Attorney General Kamala Harris announced the creation of a 25-person task force on Monday charged with protecting homeowners from mortgage fraud. Within the last year, the California Department of Justice says it has received thousands of complaints related to foreclosure scams and mortgage servicing practices. In addition to fraud on the default side of the business, the task force will be on the lookout for misconduct and false claims involving investments and securities tied to subprime mortgages.

Read More »

Treasury Unveils Do-It-Yourself NPV Assessment

Treasury has launched a Web-based tool that allows homeowners themselves to conduct a net present value (NPV) assessment of their mortgage. Under the Home Affordable Modification Program (HAMP), servicers perform an NPV test to determine if modification is a more financially sound route to take than allowing the loan to proceed to foreclosure. Treasury is encouraging both homeowners who have been denied a HAMP mod and those considering applying for the program to use the new online calculator and share the results with their servicer.

Read More »

New Servicer Rules from GSEs to Take Focus off Private-Label Securities

Fannie Mae and Freddie Mac recently announced they will be issuing new guidelines this summer that will align their procedures for handling past due mortgages and implement a new incentive and penalty structure based on individual servicers' performance. Moody's Investors Service says this new directive - in particular the monetary motivation involved - will likely shift servicers' focus to loans backing the GSEs' mortgage bonds and away from loans in private-label residential mortgage-backed securities (RMBS).

Read More »

Citi to Reduce Mortgage Payments for Disabled Veterans

Veterans wounded, injured, or disabled in the line of duty can now make reduced monthly payments on CitiMortgage-owned loans as part of a new initiative by the financial services company. The Citi Disabled Veterans Mortgage Relief Program offers an interest rate reduction of 2.5 percent on existing mortgages for a period of two years. Surviving spouses may also be eligible for the program.

Read More »

GET YOUR DAILY DOSE OF DS NEWS

Featuring daily updates on foreclosure, REO, and the secondary market, DS News has the timely and relevant content you need to stay at the top of your game. Get each day’s most important default servicing news and market information delivered directly to your inbox, complimentary, when you subscribe.