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Tag Archives: HUD

Calls to Homeownership HOPE Hotline Down 14 Percent

The Homeownership Preservation Foundation (HPF) has reported a 14.2 percent decrease in calls to its Homeowners' HOPE Hotline during the month of October. The hotline provides free homeownership education and foreclosure prevention counseling. The organization says it is seeing fluctuations in call volume, often related to the number of foreclosures, which decreased during the month. The state with the most calls coming into the hotline was California.

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Default Servicing Technologies Releases New Interface for Closing Firms

Default Servicing Technologies LLC (DST) has announced the launch of a new Closing Company portal, which the company says will improve how closing companies interact with clients through DispoSolutions, DST's REO management platform. According to DST, the new, flexible _Closing Company_ interface simplifies workflow and provides closing firms with real-time communication, document management, notes, title information, contact lists, escrow directions, and HUD contract sell-side details.

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Pending Sales of Government-Owned REOs May Experience Delays

Buyers of REO homes owned by HUD may have their closing dates pushed back after this Friday, but the federal agency says any delays will be brief. Rumors have circulated from various corners of the industry that HUD is planning a moratorium on REO sales expected to close after the end of this week, but a spokesperson for the government agency stressed to DSNews.com, ""HUD is not suspending sales of HUD REO properties on November 5th or any other time. HUD's new asset managers will continue to list and sell HUD homes.""

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FHA Eases Lien Amount Limitations for Purchases and Refinances

HUD has issued new guidelines which ease the requirements for loan amounts the Federal Housing Administration (FHA) can insure. The federal agency's previous policy was that the total of all liens against a subject property, including the FHA-insured first mortgage and any subordinate liens, could not exceed the maximum amount insurable based on geographic location. But HUD's latest Mortgagee Letter eliminates that requirement for both purchase and refinance transactions.

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HUD Secretary: Problems with Foreclosure Paperwork Not Widespread

The federal government's fraud task force is investigating possible criminal violations in connection with foreclosure documentation errors reported by at least five mortgage servicers. HUD is spearheading the multi-agency probe, which is in its early stages. But HUD Secretary Shaun Donovan told reporters this week that his office has been scrutinizing the industry's servicing practices for the past five months, and has concluded that the documentation problems grabbing headlines are not widespread.

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Fraud Task Force Pursues Criminal Investigation of Mortgage Servicers

Allegations that some of the nation's largest mortgage servicers cut corners in processing foreclosures and filed unsubstantiated paperwork could turn criminal. With documentation errors reported by at least five mortgage servicers, President Obama's Financial Fraud Enforcement Task Force, led by the U.S. Department of Justice, is looking into whether servicers broke federal laws and whether they misled federal housing agencies in the process. Mail and wire fraud may also be an issue.

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Foundation Hotline Offers Help Against Foreclosure Scams

The Homeownership Preservation Foundation has partnered with NeighborWorks America, HUD, Fannie Mae, Freddie Mac, and the Lawyers Committee for Civil Rights Under Law to help prevent foreclosure-rescue scams. The coalition is positioning the Homeowner's HOPE Hotline (1-888-995-HOPE) as a central point of contact for homeowners who think they may be victim of a scam. Information provided to the hotline is used by local, state, and federal agencies to shut down predatory companies victimizing distressed homeowners.

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HUD Proposes Tighter Rules to Recoup Losses from FHA Lenders

HUD is recommending new regulations to force lenders to reimburse the Federal Housing Administration (FHA) for insurance claims paid on mortgages that don't meet the agency's underwriting guidelines. The proposed rule would also require all new and existing FHA lenders to meet stricter performance standards to gain and maintain their approval status. FHA, at its own discretion, without any judicial or administrative action necessary, will have the authority to immediately withdraw a lender's ability to insure mortgage loans.

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Conference Attendees Say Housing is Linked to Recovery in Northeast

Last Tuesday's conference titled Through the Lens of Housing: New England Economic Recovery hosted by the Federal Home Loan Bank of Boston yielded some interesting answers from polled attendees. The attendees were asked questions to determine what they felt would help lead to an economic recovery in the New England area.

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HUD to Roll Out Emergency Loan Program for Unemployed by Year-End

To help counter the effects of the still-deteriorating job market on the housing industry, the Dodd-Frank Reform Act provided $1 billion to HUD to implement the Emergency Homeowners Loan Program. The initiative provides eligible borrowers in 32 states and Puerto Rico with a ""bridge loan"" to continue making their mortgage payments for up to 24 months. HUD expects to begin taking applications from borrowers for assistance by the end of the year.

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