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Tag Archives: Loan Modification

Servicers’ Proprietary Mods Increase 11% as Foreclosure Stats Drop

Mortgage servicers completed 56,000 permanent loan modifications through their own proprietary assistance programs during the month of July, according to figures released Wednesday by HOPE NOW. July's tally represents an 11 percent increase over the 50,000 proprietary mods reported in June. At the same time, foreclosure sales fell by 11 percent month-to-month and newly initiated foreclosure actions slipped 5 percent. HOPE NOW also found that the redefault rate for proprietary modifications is 20 percent.

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HOPE LoanPort Tops 3,000 Registered Counselor Users

HOPE LoanPort recently announced that the organization has now registered over 3,000 HUD-certified, nonprofit housing counselors in a little over a year of full operation. Counselors from more than 630 organizations in all 50 states, the District of Columbia, and Puerto Rico are now using the system to assist struggling homeowners. HOPE LoanPort is also upgrading its technology to comply with the Federal Housing Finance Agency's new guidelines for managing the GSEs' delinquent loans.

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Ginnie Mae Allows Buyouts After Trial Payment Plans

Ginnie Mae has announced a new rule regarding buyouts of delinquent loans. Servicers may now buy out loans at the end of a successful trial payment plan, instead of waiting until a borrower has missed three payments. This new rule is in line with recently released Federal Housing Administration (FHA) guidelines requiring most loans to undergo a three- to four-month trial payment plan before a loan modification is made permanent. The new FHA guidelines go into effect October 1.

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Sperlonga Data & Analytics Taps Industry Veteran for SVP Role

Sperlonga Data and Analytics, a subsidiary of national real estate asset management firm MMREM, has announced the hiring of Brent Stokes, a 26-year mortgage industry veteran, for the newly created position of SVP. Sperlonga Data and Analytics provides a centralized interface for servicers and homeowners associations (HOAs) to help stakeholders minimize losses associated with transaction delays and lost revenues caused by HOA claims.

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HOPE LoanPort and GMAC to Launch Mediation Portal in Maryland

HOPE LoanPort has announced a partnership with the state of Maryland and GMAC Mortgage to deliver a direct-to-consumer foreclosure mediation portal. GMAC is funding development of the portal and will be the first mortgage servicer to use it. The portal, scheduled to go live in October 2011, will be the first statewide program in the nation to allow homeowners and servicers to exchange documents electronically prior to foreclosure mediation.

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NY Attorney General Accused of Undermining Settlement

Iowa Attorney General Tom Miller has announced the removal of New York Attorney General Eric Schneiderman from an executive panel of state officials working with servicers on a settlement for alleged improper foreclosure practices. Miller, who is head of the committee, says the state of New York has actively worked to undermine the very same multi-state group it had been working very closely with over the previous nine months. He called Schneiderman's actions ""unacceptable.""

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Study: Less Than 3% of Mortgage Mods Involve Principal Reductions

The ratings agency DBRS made principal reductions the focus of a research note released Monday. The firm's analysts stressed that as a modification technique, debt forgiveness has long been regarded as controversial in the mortgage industry due to its moral hazard risk and the potential impact it could have on the performance of securitized mortgages. As such, it's been utilized on a very limited basis. Based on first-quarter data, DBRS found that principal reduction modifications accounted for 2.80 percent of the total mods performed.

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FHA Announces New Loss Mitigation Rules

The Federal Housing Administration (FHA) released a notice outlining new guidelines for trial payment plans for FHA loss mitigation actions. The new rules go into effect October 1. When offering permanent modifications or partial claims, servicers must implement trial payment plans for any borrowers who have missed at least two payments in the past year; have failed a HAMP trial payment plan; have a net surplus income of less than 20 percent of their total net income; or whose mortgage was originated fewer than 14 months ago.

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Bank of America Names New Head of Legacy Loan Division

Bank of America has named Ron Sturzenegger to replace Terry Laughlin as head of the bank's Legacy Asset Servicing division, the unit that manages problem home loans and investors' mortgage repurchase claims. Laughlin has now officially assumed his new role as chief risk officer, as announced by the company last month. Sturzenegger joined Bank of America in 1998. He most recently has served as a catalyst team member for Project New BAC, focused on the company's home loans business.

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ProVest Unveils New Quality Right Party Contact Solution

ProVest LLC has announced the launch of a new service -- ProVest Information Services -- a solution to establishing a quality right party contact through the use of a best in class, data-driven, skip tracing waterfall. The newly released product is already receiving positive reviews from ProVest clients. In addition to skip tracing solutions, the new ProVest Information Services verifies phone numbers and addresses, monitors portfolios, and aids in loss mitigation.

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