Tag Archives: Foreclosure

Black Knight Financial Services released its "First Look" at May Mortgage data, which found that foreclosure inventory declined to its lowest level since July 2008. As a percentage of total inventory, foreclosure pre-sale inventory is 1.91 percent, down 5.56 percent month-over month.

In its May 2014 Residential & Foreclosure Sales Report, RealtyTrac reported that U.S. properties sold at an estimated annual pace of 5.1 million in May. The pace of sold homes remained virtually unchanged from April, with a small increase of less than 1 percent from May 2013.

Serious mortgage delinquencies fell in Colorado from the fourth quarter of 2013 to the first quarter of 2014, according to the Colorado Division of Housing. Mortgage delinquencies of 90 days or more fell to 1.3 percent in the first quarter, down from 1.5 percent to close out 2013.

SunTrust Banks, Inc., announced it has struck a nearly $1 billion deal with the government to settle allegations of misconduct in both its lending and servicing practices. In an agreement reached with the Consumer Financial Protection Bureau (CFPB), Justice Department, HUD, and attorneys general in 49 states and the District of Columbia, SunTrust agreed to provide relief to consumers and payments to the government totaling a combined value of $968 million

HOPE NOW released its latest data on loan modifications, noting that in April approximately 42,000 homeowners completed a modification for their home's mortgage. All told, the organization reported that more than 7.02 million homeowners have completed home mortgage modifications since the third quarter of 2007.

Ocwen, the nation's fourth largest mortgage servicer, has agreed to pay $3.7 million to resolve allegations that it failed to give notice to homeowners, and that the company unlawfully foreclosed on properties in Massachusetts. The announcement came from the state's Attorney General Martha Coakley, who alleged the non-bank servicer failed to follow Massachusetts law when handling certain mortgage loans.

Foreclosure filings were reported on roughly 110,000 U.S. properties in May, a 5 percent decrease from April, according to RealtyTrac's latest U.S. Foreclosure Market Report. Foreclosure filings, which include default notices, scheduled auctions, and bank repossessions, were down 26 percent year-over-year in May to the lowest level since December 2006.

The New Hampshire Housing Finance Authority (NHHFA) released foreclosure data for April, which found that 210 foreclosure deeds were recorded in the month, a 9 percent increase. This is the first time in over a year that the Granite State saw in increase when compared to the same month in the prior year.

Foreclosures continue to be a national problem, and one metro's City Attorney thinks a large chunk of the problem came from discrimination. Los Angeles City Attorney Mike Feuer is suing one of the nation's largest banks, JPMorgan Chase, alleging the bank engaged in discriminatory lending.

The Data and Analytics division of Black Knight Financial Services released its latest Mortgage Monitor Report, which analyzed data as of the end of April 2014. The report found that there were roughly 2 million modified mortgages facing interest rate resets, with 40 percent of those loan modifications currently underwater.