Tag Archives: Deed-in-Lieu

The MBA reports nationwide forbearance volume has reached levels not seen since March 2020, attributed to a strong jobs market and the array of loss mitigation options introduced since that time.

DS News examines how breakthroughs in title technology are playing a vital role in the management of loans in default (Sponsored Content).

Workflow automation platform integrates with Freddie Mac’s Resolve to save mortgage servicers time and cost reduction in the workout decisioning process.

SingleSource is now offering a Deed in Lieu title product that provides full, state-driven searches at 20, 40 and 60 years.

As of September, more than 1.2 million homeowners have received a permanent modification through the Home Affordable Modification Program (HAMP). Homeowners currently in permanent HAMP mods have been granted an estimated $12.1 billion in reduced principal, Treasury reports. In fact, officials say of all non-GSE loans eligible for principal reduction entering HAMP in September, 72 percent included a principal reduction feature.

Known as the Servicer Total Achievement and Rewards, or STAR, the program was created to establish servicing standards and acknowledge Fannie Mae servicers that stand out for their performance, customer service, and foreclosure prevention efforts, according to a release. Servicers recognized for the first half of 2013 in peer group one were Green Tree Servicing, Nationstar Mortgage, Ocwen Financial, PHH Mortgage, PNC Financial Services Group, Seterus, and Wells Fargo. In peer group two, Fannie Mae gave a nod to Fifth Third Bank and Regions Bank.

The five banks that took part in the national mortgage settlement are getting close to completing their consumer relief obligations a year after the landmark deal was reached. So far, the five banks--Bank of America, JPMorgan Chase, Wells Fargo, Citigroup, and Ally Financial--have provided $50.63 billion in consumer relief to over 621,700 borrowers, according to an update from the settlement monitor Joseph A. Smith, Jr. The provided relief comes out to about $81,437 per borrower.

As of the end of December, 89.4 percent of mortgages were still current and performing, an increase from 88.6 percent in the third quarter and an improvement from 88 percent during the same quarter a year ago, the Office of the Comptroller of the Currency (OCC) reported. Servicers also began a fewer number of foreclosures after initiating 156,773 new foreclosures in Q4, the the lowest number since Q1 2008, which is when the OCC began the report. In addition, servicers helped borrowers remain in their homes by implementing more home retention actions than home forfeiture actions.

The housing market showed signs of progress across the board, but the overall recovery is still fragile, hence the need for efforts to prevent avoidable foreclosures, according to the Obama Administration Housing Scorecard for February. ""House prices are steadily rising above the mid-crisis lows in markets throughout the country, while inventories of new and existing homes are further tightening, and even estimates of the 'shadow inventory' are down,"" said HUD deputy assistant secretary for economic affairs Kurt Usowski. ""That said, we still remain considerably below long-term normal levels of home sales and production.""

YouWalkAway.com, a foreclosure agency, conducted a survey of its clients and revealed 78 percent of those who responded said they were walking away from their primary residence. In addition, at least 74 percent of all respondents would be eligible for tax relief through the Mortgage Debt Relief Act of 2007. The Mortgage Debt Relief Act allows forgiven debt through a short sale, loan modification, or foreclosure to be excluded as taxable income. ""Had this law not been extended, it could have brought a drastic halt to short sales and had a devastating effect on underwater homeowners,"" said Chad Ruyle, YouWalkAway.com co-founder.