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New Unemployment Claims Drop, Continuing Claims Rise

First-time claims for unemployment insurance fell by 15,000 for the week ended February 4 to 358,000, remaining below 400,000 for the fourth straight week. The prior week's claims data were revised upward by 6,000, making this week's drop steeper than expected. Continuing claims for unemployment insurance increased 64,000 to 3,515,000 for the week ended January 28, giving back most of the previous week's decline. This week's report continues the generally declining trend in claims filings since last September and indicates the pace of layoffs has slowed.

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Report: 30-year Fixed Rate Unchanged, Other Rates Climb

While the 30-year fixed rate mortgage remained at a record low, data released Thursday by Freddie Mac reported other rates are steadily moving upward. A strong January employment report added upward pressure to most mortgage rates this week, Frank Nothaft, VP and chief economist for Freddie Mac, said.

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Robo-Signing Settlement Finalized

Federal and state officials announced Thursday morning that the federal government and 49 state attorneys general - with Oklahoma as the lone exception - have reached a $25 billion agreement with the nation's five largest mortgage servicers to address what authorities describe as ""loan servicing and foreclosure abuses."" The settlement with the nation's top five servicers – Bank of America, JPMorgan Chase, Wells Fargo, Citigroup, and Ally Financial (formerly GMAC) - provides financial relief to homeowners and establishes new homeowner protections.

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Consumer Sentiment Improving, Fannie Mae Survey Shows

Respondents from a Fannie Mae National Housing Survey for January 2012 expressed expectations for home prices to increase by 1 percent over the next 12 months, and most Americans continue to expect no change in mortgage rates. This marks the fourth month in a row consumer expectation was positive. The Fannie Mae survey polled 1,000 Americans through a telephone interview to assess attitudes towards different areas of the mortgage industry, including owning and renting, rates, homeownership distress, and the economy.

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Loan Servicing Costs Expected to Rise as Foreclosure Expenses Mount

Analysts at Fitch Ratings expect to see a sharp rise in the cost to service mortgage loans. They describe the housing recovery in the U.S. as ""unhurried"" and as a result, they say lenders have been forced to shoulder higher foreclosure expenses. Fitch says increased foreclosure costs compounded by credit, compliance, regulatory, and other real-estate owned expenses are beginning to have a profound effect on the industry. The agency estimates the cost of servicing nonperforming loans is likely to double from pre-crisis levels.

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HOPE NOW Plans to Reach Military Homeowners

HOPE NOW announced plans to reach out to military homeowners facing foreclosure. Stakeholders representing the mortgage servicing industry, non-profit counselors, investors, regulators, and military members met in Washington, D.C. to strategize on ways to assist those in the military who are at risk of losing their home due to a permanent change in station and other issues.

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Federal Agencies Reiterate Guidelines for Junior Lien Holders

Four federal regulatory agencies issued guidance for junior lien holders regarding loan loss allowances. Junior liens include second mortgages and home equity lines of credit. The Federal Reserve, FDIC, National Credit Union Administration, and Office of the Comptroller of the Currency issued the guidance not to enact new rules, but rather ""to reiterate policy and to remind regulated financial institutions to monitor all credit quality indicators relevant to credit portfolios, including junior liens,"" according to a joint release from the agencies.

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Report Reveals Number of Foreclosures Down From Last Year

A foreclosure report released by CoreLogic Wednesday revealed that the number of homes in foreclosure is decreasing nationwide. Completed foreclosures for 2011 totaled 830,000, compared to 1.1 million in 2010. The December 2011 completed foreclosures figure was also down to 55,000, compared to 67,000 in December 2010. CoreLogic's report also notes that in December of last year, servicers increased the rate at which they were able to process distressed assets, also known as the distressed clearing ratio.

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Fannie Mae Now Accepting Online Offers for REOs

Fannie Mae announced Tuesday that it has expanded its online system to accept purchase offers for all its REOs listed for sale. Real estate agents will now submit offers online on behalf of clients, receive receipt confirmation, and track the status of submitted offers through the HomePath.com website. In November 2010, Fannie Mae launched the HomePath Online Offers pilot in Orlando, Florida; San Diego, California; and Detroit, Michigan. Now, the Online Offers feature is available for all Fannie Mae-owned properties across the nation.

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Missouri AG Files Suit Against DocX for Robo-Signing

While the industry awaits the final details of the attorneys general settlement with the nation’s largest servicers, Missouri Attorney General Chris Koster announced Tuesday it is prosecuting DocX, LLC, and its founder, Lorraine Brown, for forgery and false declarations on mortgage documents. The announcement comes after a grand jury delivered 136-count criminal indictments against DocX and Brown, the result of several months of investigation.

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