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Tag Archives: HUD

FHFA to Develop New Mortgage Servicing Compensation Plan

The Federal Housing Finance Agency (FHFA) on Tuesday said it has directed Fannie Mae and Freddie Mac to work in coordination with FHFA and HUD to consider alternatives for future mortgage servicing structures and fees for single-family mortgage loans. The current compensation plan is typically based on a minimum servicing fee that is a part of the mortgage rate, which FHFA says decreases flexibility for the servicing of non-performing loans.

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Bank Foreclosures in Miami-Dade County Priced 47% Below Market

According to RealtyStore, a provider of local foreclosure listings, the median price of bank foreclosures in Miami-Dade County, Florida, are nearly half that of the current market rate. The firm's analysis showed 64 percent of all foreclosures for sale in the county are marketed by banks. The other foreclosures are listed for sale by government entities, including HUD and the GSEs. Bank-owned foreclosures are priced 47 percent less than the median market price. When it comes to government foreclosure pricing, the discounts are even deeper.

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MDA Lending Solutions Launches Fraud-Reducing Suite for Lenders

MDA Lending Solutions has launched a suite of products to help customers satisfy Fannie Mae's Loan Quality Initiative (LQI) recommendations and reduce mortgage fraud. According to the company, its new LoanShield suite enables clients to identify suspicious activity, protect themselves against repurchase claims, and lower the chance of mortgage fraud-related issues impacting loan performance.

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Senator Calls on HUD to Release Foreclosure Funds for Unemployed

Sen. Bob Casey says money that has been earmarked to help homeowners who've lost their jobs stave off foreclosure is overdue in being distributed. Casey has sent a letter to HUD Secretary Shaun Donovan, urging him to release $1 billion in funds Congress authorized last year for HUD to implement the Emergency Homeowners Loan Program for the unemployed. Casey says the promised funds still have not reached those families who are struggling to make their mortgage payments.

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HUD Deploys New Risk Management Tool to Manage REO Inventory

HUD recently deployed a new risk management tool developed by Walzak Consulting Inc. for use in its Management and Marketing III (M&M III) program for HUD field service manager and asset manager contractors who oversee the maintenance and sales of foreclosed FHA homes. The model measures and tracks the performance of HUD's REO vendors in meeting and following the department's contractual requirements and operational procedures.

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HUD Awards $73 Million to Housing Counseling Organizations

The Obama Administration announced on Thursday a round of grants totaling nearly $73 million to more than 500 national, regional, and local organizations to provide housing counseling services. Agencies receiving the grants will focus on helping homebuyers and homeowners understand their financing and down payment options, and will help combat predatory lending by assisting borrowers with reviews of loan documentation. The new round of grants represent a 22 percent increase over last year's funding.

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HAMP Stats Increase in November with Permanent Mods Topping 500K

The government's key foreclosure prevention program has put 504,648 distressed homeowners into permanently modified loans since its launch in March 2009. Treasury released new numbers for the Home Affordable Modification Program (HAMP) Wednesday, and in addition to crossing the 500K threshold, the data show that servicers stepped up their use of the program. Permanent modifications in November rose 26 percent compared to October, and 20 percent more trial mods were started.

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New Regulatory Rule to Support Foreclosure-Ridden Neighborhoods

Federal regulators on Wednesday announced changes to the Community Reinvestment Act (CRA) parameters to support communities affected by high foreclosure levels. The final rule encourages depository institutions to finance development projects in areas that qualify for HUD's Neighborhood Stabilization Program (NSP). Institutions will receive CRA credit for any NSP-eligible activities, such as loans extended to grant recipients to buy foreclosed homes or a donation of REO properties to a nonprofit housing organization.

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Foreclosure Prevention Fund to Assist 21,000 North Carolina Borrowers

The North Carolina Housing Finance Agency's new Foreclosure Prevention Fund is now available statewide through participating HUD-approved counseling agencies. Financed by the Department of Treasury's Hardest Hit Fund, the federal grant money will be used to financially assist homeowners struggling to pay their mortgages due to job loss or other temporary hardships. The agency expects the program to enable 21,000 North Carolina residents to keep their homes.

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Hartford National Title Launches Free GFE and HUD-1 Calculator

Hartford National Title, Inc., a provider of title insurance and real estate closing services in Milford, Connecticut, has launched OneSourceQuote, a new good faith estimate (GFE) and HUD-1 title calculator, as a free online application. According to a statement from the company, OneSourceQuote was developed due to the lack of free, accurate title calculators available to mortgage brokers and retail lenders.

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