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Tag Archives: Bank of America

Bank of America Brings Suit Against Old Republic

Bank of America says Old Republic International is wrongfully withholding payment on hundreds of millions of dollars in mortgage insurance claims on loans that have defaulted. BofA has filed a lawsuit against the mortgage insurer seeking to recover more than $160 million in damages. Bank of America says between 2009 and 2010, claims paid by Old Republic under its policy fell by 75 percent and denials persist, although the mortgage insurer markets its services as protecting lenders ""against default loss for virtually any reason.""

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Realtors Exhibit Cautious Optimism for Housing’s Future

At the 2010 Realtors Conference, real estate professionals were cautiously optimistic about the current and future state of the industry. Most agreed that the rise in home sales and prices during the boom was both unrealistic and unsustainable. Today, the industry has returned to a more sound and balanced idea of homeownership. But current conditions mandate agents educate themselves about buying and selling distressed properties and working with investor buyers, particularly when it comes to handling short sales.

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Wells Fargo Ranked Top Mortgage Originator, BofA Largest Servicer

Industry data released Monday shows that the biggest originator of home loans is based on the West Coast, while the biggest mortgage servicer is based on the East Coast. With more than $100 billion in new home loans, Wells Fargo held onto the top spot among mortgage originators during the third quarter of this year. Bank of America took the lead spot in the mortgage servicer rankings, with just over $2 trillion in residential home loans in its servicing portfolio as of September 30th.

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JPMorgan Chase to Restart Suspended Foreclosures

JPMorgan Chase says it will re-file affidavits for some 127,000 foreclosures that have been on hold because of ""robo-signing"" issues. According to a company official, the resubmission of corrected documentation should begin by mid-November and will take at least three to four months to complete. The bank says it risks losing a couple million dollars each month the foreclosure proceedings are delayed. Reviews have confirmed that all foreclosure decisions have been based on materially accurate information, according to JPMorgan.

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Title Insurers Forego Guarantees on Foreclosure Paperwork Accuracy

Title insurers are voicing their confidence in mortgage servicers' ability to correct foreclosure paperwork problems. They've decided not to require banks to consent to agreements vouching for the validity of foreclosures, after talks between the two groups reportedly fell through surrounding large-scale indemnity arrangements. A blanket indemnity agreement to cover insurers against ""robo-signed"" foreclosures had been drafted, but title insurers say banks' actions to remediate deficiencies make it unnecessary.

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Fidelity National Requires Lenders to Vouch for Foreclosure Accuracy

Fidelity National Financial, the nation's largest title insurer, will soon begin requiring lenders to provide the company with an indemnity agreement that guarantees the accuracy of their foreclosure documentation before Fidelity will insure the title of a repossessed home. The new policy was prompted by the recent foreclosure freezes enacted by at least five major mortgage servicers and disclosures of errors made in the processing of foreclosure paperwork, and is effective for all foreclosure sales closing on or after November 1.

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Nation’s Biggest Banks Each Hold over $20B in Foreclosures: Report

New data released this week shows that the nation's largest banks are holding monstrous volumes of soured home loans. According to an analysis by Weiss Ratings, JPMorgan Chase, Bank of America, and Wells Fargo each reported more than $20 billion in single-family mortgages currently foreclosed or in the process of foreclosure as of midyear. In addition, for each dollar these banks held of mortgages in foreclosure, there were another $2 in loans in the pipeline that were 30 days or more past due.

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NAHREP Honors Advisory Team Members with Founders’ Awards

The National Association of Hispanic Real Estate Professionals (NAHREP), a non-profit trade association dedicated to increasing the homeownership rate among Latinos, recently honored Glenda Gabriel and Craig Nickerson with the 2010 NAHREP Founders' Award. The awards were presented at the NAHREP/AREAA Real Estate & Marketing Conference last week. Gabriel, SVP at Bank of America, and Nickerson, president of the National Community Stabilization Trust (NCST), are members of the association's national board and leadership advisory teams.

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House Committee to Investigate Mortgage Servicing Problems

The House Subcommittee on Housing and Community Opportunity will hold a hearing on the industry's foreclosure paperwork errors when Congress reconvenes next month. Congresswoman Maxine Waters, who chairs the subcommittee, expressed disappointment in Bank of America and GMAC Mortgage for lifting their foreclosure freezes this week. Waters has introduced legislation that would prohibit a bank from initiating foreclosure proceedings without offering the homeowner loss mitigation.

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New York Courts First to Institute New Foreclosure Filing Requirement

The New York state court system has instituted a new filing requirement that officials say will prevent wrongful foreclosures and protect the integrity of the process. Lenders' counsel are now required to file an affirmation certifying that they have reviewed and verified the accuracy of foreclosure documents. The new mandate is in response to recent disclosures by major mortgage lenders of potential deficiencies in notarization and so-called ""robosigning"" of supporting paperwork.

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