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Tag Archives: Equifax

Equifax: Home Finance Write-Offs Down to 5-Year Low

Home finance balances written off in the first quarter fell to a five-year low, according to Equifax's National Consumer Credit Trends report for March. The balance for home finance write-offs, which includes loans that completed the foreclosure process, transitioned into REO status, entered bankruptcy, or were charged off by the lender, decreased to $43.1 billion in the first quarter of this year. The balance represents a 22 percent decline from $55.4 billion in Q1 2012.

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Nationstar Announces Acquisition of Equifax Settlement Services

Nationstar Mortgage Holdings Inc., a large Texas-based residential mortgage services company, announced the acquisition of Equifax Settlement Services Holding, LLC (ESS) Thursday. Nationstar said the acquisition occurred February 6 and revealed plans to combine ESS with its Solutionstar platform and rebrand ESS as Solutionstar Settlement Services.

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Subprime Credit Scores on the Decline

Subprime credit scores are declining across the country with strong declines in a few rebounding markets, according to Equifax. Designating credit scores below 620 as ""subprime,"" Equifax found the number of subprime borrowers decreased 2.1 percent from the third quarter of 2011 to the third quarter of 2012. The 2.1 percent translates to about 1 million Americans who rose from the subprime category. Equifax also found ""early housing-bust markets"" are experiencing improving credit scores as time passes since the worst of the foreclosure crisis.

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Equifax to Buy CSC Credit Services

Out in Atlanta, Equifax Inc. announced that its subsidiary, Equifax Information Services LLC, has entered into an agreement to purchase certain credit services business assets and operations of CSC Credit Services, Inc., a subsidiary of Computer Sciences Corporation.

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Equifax’s Chief Legal Officer to Retire, New Appointment Announced

Equifax Inc. announced Kent E. Mast will be retiring as corporate VP and chief legal officer after a successful 45-year career. Mast joined Equifax in 2000 and has served ever since as the company's general counsel. Stepping up to fill Mast's role is John J. Kelley III. Kelley is currently senior partner at King & Spalding and a member of that firm's corporate practice group.

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FTC Alleges Equifax ‘Improperly’ Sold Information on Late Borrowers

Equifax and its customers reached separate settlements with the FTC, agreeing to pay a total of $1.6 million for improper sale of consumer credit information. The FTC alleges Equifax sold more than 17,000 lists of people who met specific criteria, such as being late on their mortgage payments. Equifax is said to have sold the lists to Direct Lending Source, Inc., which in turn sold the lists to other third parties. The lists included information such as credit scores and detailed how many days past due consumers' mortgage payments were.

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Equifax Sees ‘Turning Point’ in Home Equity Credit Improvements

Home equity installment balances rose 0.3 percent in August--the first monthly increase since November 2007, according to Equifax. After plummeting 49 percent over the past four years to just $143 billion, the company contends August's uptick could signal ""a possible turning point in mortgage demand."" Equifax says amid signs the contraction in mortgage debt is slowing and delinquencies are trending down, it looks like positive growth may finally be taking hold in the mortgage market.

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Mortgage Delinquency Rate Sees Significant Improvement: Equifax

The percentage of first-mortgages 30 days or more past due saw a double digit year-over-year decline, according to a report from Equifax. First-mortgage delinquency rates dropped 15 percent in July 2012 from July 2011. In addition, first mortgage severe derogatory rates, which are mainly loans transitioning to REO status, declined 17 percent year-over-year.

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