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Tag Archives: Loan Modification

Varolii Satisfies SPOC Requirements While Reducing Servicers’ Costs

Varolii Corporation announced a new product to alleviate costs and streamline new processes servicers will have to adopt under the Single Point of Contact regulation requirements for all HAMP modifications. Varolii estimates its product will reduce servicer staffing requirements by 15 percent, while increasing borrower contact by 17 percent. The Varolii SPOC Mortgage Servicing Solution routes calls to the appropriate agents and incorporates borrowers' communication preferences.

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Bank of America Weighs Principal Forgiveness in Settlement Talks

In its own private negotiations with state attorneys general and officials at HUD and the U.S. Justice Department, Bank of America is reportedly bringing principal reductions to the bargaining table. BofA and four other mortgage servicers have been in discussions with state and federal officials to settle investigations into foreclosure practices involving faulty paperwork and illegal affidavits, but talks have stalled. To move things along, BofA has put forth its own proposal for principal write-downs in exchange for liability protections.

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California Citizen Proposes Amendment Outlawing Foreclosures

A Sacramento, California citizen has proposed an amendment to the California Constitution that would outlaw foreclosures. On claims that lending institutions have failed to provide a simple method of foreclosure prevention, David A. Benson's Foreclosure Modification Act would require lenders to provide principal reductions and interest rate reductions to help borrowers keep their homes. His proposal has already been cleared by the Secretary of State and now requires 807,615 signatures to make it onto the ballot.

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Witnesses Express Concerns at Hearing on National Servicing Standards

At a Senate subcommittee hearing Tuesday, industry leaders voiced opinions on the creation of national mortgage servicing standards. While there was support for such a move on the grounds that it would protect homeowners and improve customer experience, witnesses expressed a variety of concerns, including the possibility of further complicating already complex standards from a variety of authorities; creating undue hardships for community banks; and negatively impacting responsible homeowners.

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Association of Mortgage Investors Expresses Grievances

The Association of Mortgage Investors has sent letters to a handful of large banks expressing concerns on behalf of its members who hold residential mortgage-backed securities certificates. The mortgage investors called for enforcement of repurchases based on what they described as ""significant breaches"" of representations and warranties that have been discovered in the underwriting of loans, and voiced concerns that servicers are putting more effort into modifying their own loans than those of investors.

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Homeownership Preservation Foundation Unveils Enhanced Website

The Homeownership Preservation Foundation (HPF), an independent nonprofit dedicated to helping distressed homeowners avoid foreclosure, unveiled its new, redesigned website Wednesday. HPF operates the nationwide Homeowner's HOPE Hotline. Its new site now mirrors the assistance already available via phone, including step-by-step details on the foreclosure process, an overview of alternative lender solutions, and details on government mortgage relief programs.

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Ocwen Financial Offers New Loan Modification Program

Ocwen Financial Corporation has enacted a unique loan modification program designed to help underwater homeowners and investors without rewarding loan delinquency. The company's Shared Appreciation Modification (SAM) reduces a delinquent borrower's principal to 95 percent of the home's current market value but requires the homeowner to later share 25 percent of the home's appreciation with the investor when the home is eventually sold or refinanced.

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Fannie Pushes Implementation of New Delinquency Management Rules

Fannie Mae has issued a notice to servicers alerting them of a change in the effective date for new delinquency management and default prevention standards. According to the bulletin, Fannie is pushing the date by which servicers must implement the new requirements out by a month to October 1, 2011. The revised rules are part of the directive issued by the company's regulator in late April to bring both Fannie Mae's and Freddie Mac's procedures for handling past-due mortgages in line with one another.

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Chase Opens Homeownership Center Near Fort Hood Military Base

Chase has opened its newest Homeownership Center near the U.S. military base in Fort Hood, Texas, to provide one-on-one help for homeowners struggling with their mortgage payments. It is Chase's first Homeownership Center near a military base. The bank plans to open five other centers this year near military bases in Virginia, North Carolina, Tennessee, and Washington state.

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Foreclosure Litigation Cost Wells Fargo $428M in Second Quarter

Wells Fargo says its second quarter expenses included $428 million of operating losses, substantially all driven by litigation accruals for mortgage foreclosure-related matters. Loan losses, though, were down substantially, supporting a 29 percent increase in net income to $3.9 billion for the three-month period. The company says credit quality continued to improve, marking its sixth consecutive quarter of declining loan losses and third consecutive quarter with fewer nonperforming assets.

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