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Tag Archives: Foreclosure Prevention

CFPB Releases Long-Awaited Qualified Mortgage Rule

One of the biggest provisions of the QM rule is the newly set Ability-to-Repay rule, which demands that all new mortgages comply with basic requirements to protect consumers from taking on loans they can't repay. The rule does away with so-called ""no doc"" and ""low doc"" mortgages, requiring that all of a borrower's pertinent financial information must be supplied and verified. The Ability-to-Repay rule also stipulates that lenders base their evaluation of a consumer's ability to pay on long-term views, discounting ""teaser"" or ""starter"" rates typically used in the introductory period.

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Nevada AG Introduces New Homeowner Relief Program

Nevada Attorney General (AG) Catherine Cortez Masto announced a new program to help homeowners in Nevada find state and federal assistance that might be available to them. The Home Again Nevada Homeowner Relief Program is a one-stop resource center that is accessed by calling 1-855-HLP-4-NEV (1-855-457-4638).

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MortgageKeeper Reports Increase in Homeowners Seeking Referrals

Even though the housing market is improving and mortgage delinquencies are declining, MortgageKeeper Referral Services reported a busy year. MortgageKeeper is the developer of a web-based data application that connects struggling homeowners with qualified nonprofit and government agencies.

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Ten Banks Reach $8.5B Deal with Regulators in Foreclosure Settlement

Ten major mortgage servicers reached an agreement with federal regulators to pay more than $8.5 billion over alleged foreclosure abuses, the Federal Reserve announced in a release Monday. The agreement replaces the Independent Foreclosure Review process with a new framework allowing eligible borrowers to receive compensation more quickly. Of the $8.5 billion, $3.3 billion will go toward direct payments to eligible borrowers and $5.2 billion will be used to assist borrowers in other ways, such as through loan modifications.

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Fitch: Price Growth Not Driven by Fundamentals

Despite the steady increase in home prices in 2012, Fitch Ratings says it ""remains cautious"" in its outlook on home values. According to a report from the ratings agency, home prices have risen ""at their greatest pace since 2005,"" but in certain markets, technical factors rather than ""fundamentals"" acted as the driving force behind the price gains over the past few quarters. Fitch explained technical factors such as low mortgage rates, the tight supply of existing homes for sale, and weak levels of new home construction are leading to affordability and driving demand while ""offsetting weak fundamentals.""

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GSEs Complete 134K Foreclosure Prevention Actions in Q3

In Q3 2012, Fannie Mae and Freddie Mac completed about 134,200 foreclosure prevention actions, according to a report from the Federal Housing Finance Agency (FHFA). Of that total, 62,500 foreclosure prevention actions were through loan modifications, and 38,000 were from short sales and deeds-in-lieu. Overall, since the start of their conservatorship in September 2008, the GSEs have completed 2.5 million foreclosure prevention actions.

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Foreclosure Inventory Down 18% from Year Ago: CoreLogic

Fewer homes were added to foreclosure inventory in November as short sales become a more common tool to prevent foreclosure, CoreLogic reported Thursday. Data from CoreLogic revealed 55,000 homes were lost to foreclosure in November. The figure represents a 23 percent decrease from November 2011 and a 6 percent decrease from October’s upwardly revised 59,000. Although foreclosure inventory is shrinking, the number of completed foreclosures is still high compared to pre-crises levels.

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Specialty Servicers Should Expect Large Transfers

Tailwinds should continue for specialty servicers in 2013, according to a report from FBR. As large, traditional servicers become unwilling to service certain asset that require more attention, FBR says it believes about $600 billion to $700 billion in ""high-touch, credit sensitive assets"" will eventually make their way into the specialty servicing and sub-servicing sectors.

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OCC: Mortgage Peformance Improves in Q3, Fewer Initiated Foreclosures

In the third quarter of this year, the overall percentage of mortgages that managed to stay current improved from last year, but declined slightly quarter-over-quarter, according to a report from the Office of the Comptroller of the Currency (OCC). The report also found foreclosure activity ""remains elevated,"" but fewer properties entered the foreclosure process. In Q3, more home retention actions were also applied compared with home forfeiture actions (foreclosure sales, short sales, and deeds-in-lieu).

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HARP Refis Maintain Strong Pace as Rates Stay Low

Year-to-date, Fannie Mae and Freddie Mac have refinanced nearly 800,000 loans through the Home Affordable Refinance Program (HARP), the Federal Housing Finance Agency reported Thursday. Since HARP's 2009 inception, the program has refinanced 1.8 million loans, with 790,619 of those loans refinanced in 2012 as of October. In October alone, more than 81,613 homeowners were refinanced through the program. Underwater loans continued to find relief through the program, with a little less than half of the loans refinanced in October in negative equity.

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