Tag Archives: Loan Modification

The U.S. Department of Veterans Affairs (VA) has issued a notice announcing regulatory changes for modifying VA-guaranteed home loans. According to the department, the new rule makes VA loan modifications more flexible and encourages loan holders to modify more loans. It changes the requirements related to maximum interest rates allowed on modified VA loans and the items that can be capitalized into the modified loan amount.

The Nevada Supreme Court has updated the rules governing the state's foreclosure mediation program, which officials say are intended ""to clarify and streamline the processes"" of the program created by the state legislature in 2009 to address Nevada's foreclosure crisis. Among the revised rules, which take effect March 1, the court has expanded the time to file a petition for judicial review from 15 to 30 days after a party receives the mediator's statement.

A new module available from Fiserv, Inc., LoanServ: LoanLink, gives lenders the ability to offer borrowers the option to access their loan information, including loss mitigation options, via an Apple app. Consumers can update their loan information in real-time via the Internet or iPhone or iPad application, and retrieve such details as payoff requests, payment histories, and information about loan modifications and other options for borrowers struggling to make their mortgage payments.

Rep. Spencer Bachus, chairman of the House Financial Services Committee, announced this week that he has scheduled a subcommittee hearing and full committee markup of four bills that will terminate what he says are ""failed and ineffective housing foreclosure programs."" On the chopping block are the Home Affordable Modification Program (HAMP), HUD's Neighborhood Stabilization Program, the Federal Housing Administration (FHA) Short Refi Program, and the Emergency Homeowner Relief Fund passed under the Dodd-Frank Act.

Fannie Mae this week unveiled the Servicer Total Achievement and Rewards (STAR) program, which will measure and evaluate mortgage servicers' performance in supporting the housing recovery. The program will examine how the servicers help homeowners avoid foreclosure, and will feature incentives, awards, and an annual scorecard, as well as a monthly snapshot so servicers can track their progress. It will directly link servicer performance to the customer experience and the number of homeowners the servicer has helped.

Freddie Mac reported Thursday that it lost $113 million in the fourth quarter of 2010. The loss, compounded by the company's $1.6 billion quarterly dividend payment to Treasury for bailout money, left the GSE with a net worth deficit again. Freddie's regulator is requesting another draw from Treasury, this time to the tune of $500 million. The company's fourth-quarter shortfall was actually the smallest of 2010 and brings the GSE's losses for the full year to $14 billion.

LenderLive Network Inc. has expanded into private-labeled subservicing and specialty servicing. Through its expanded servicing division, LenderLive offers traditional subservicing of performing assets and end-to-end specialty servicing to help optimize the resolution of distressed assets. The company will continue to provide component servicing for loan modifications, short sales, and REO asset management. The company has tapped David Vida, a 20-year veteran of the mortgage industry to manage the loan servicing division.

Equator launched a new Web site Friday along with three new modules: Loan Segmentation, REO Segmentation, and Invoice Management. The company says these new modules will seamlessly interface with existing modules to offer an end-to-end default suite to assist servicers with upcoming inventories.

The Homeownership Preservation Foundation (HPF) is the sole recipient of a $1 million Mortgage Modification and Mortgage Scam Assistance (MMSA) grant from HUD. The grant will enable HPF to continue as the primary ""call to action"" for HUD's anti-scam campaign to assist victims as well as educate and warn distressed homeowners about foreclosure prevention and loan modification scammers.

HOPE LoanPort, a Web-based tool developed by HOPE NOW that streamlines loan modification applications on behalf of homeowners at-risk of foreclosure, and the National Fair Housing Alliance (NFHA) will collaborate to promote fair housing for borrowers facing foreclosure. Through training and outreach focused on ending discrimination, the organizations hope to preserve homeownership in under-served communities.