Home / Tag Archives: Loan Modification (page 46)

Tag Archives: Loan Modification

Counseling Improves Mod Success, Nearly Doubles Payment Reductions

Data released by NeighborWorks America Monday illustrates the value of foreclosure prevention counseling for distressed homeowners. The organization has found that a homeowner who works with a housing counselor is nearly two times more likely to avoid foreclosure than those who go it alone. Counseled borrowers also lower their monthly mortgage payments by nearly twice as much and are less likely to re-default after a mortgage modification.

Read More »

Congressman Seeks Disclosure From FHFA Regarding Write-Downs

Congressman Randy Neugebauer (R-Texas), chairman of the House oversight subcommittee, has released a letter to the Federal Housing Finance Agency (FHFA) expressing concern about reports that the Obama administration is pressuring Fannie Mae and Freddie Mac to write down principal mortgages. Neugebauer argues that the GSEs' participation in such a program would increase taxpayer losses - already approaching $150 billion - and run counter to the statutory obligation of FHFA to minimize taxpayer exposure.

Read More »

Software Systems Exempt from FTC’s Ban on Upfront Mod Fees

The Federal Trade Commission (FTC) will enact a ban on advance fees charged for loan modification and mortgage assistance rescue services starting January 31, to prevent providers of such services from collecting upfront fees from homeowners without successfully securing a loan modification. The new rule, however, exempts fees charged in advance for loan modification products, such as software systems that produce modification documentation like the technology offered by loss mitigation software provider the Loan Post, Inc.

Read More »

Dallas Fed Says 11th District Banks Performing Well, with Some Stress

According to the fourth quarter issue of Southwest Economy, published by the Federal Reserve Bank of Dallas, banks in the Eleventh Federal Reserve District are performing well, although signs of stress are still apparent. The report states that about 30 percent banks in the district, which includes Texas, northern Louisiana and southern New Mexico, find that even after restructuring troubled loans to give borrowers easier terms, many of the loans become delinquent again.

Read More »

HAMP Will Fall Short of Goal with Only 700K Helped: Report

The Obama administration's signature foreclosure prevention program will help only 700,000 Americans save their homes, according to a scathing report released Tuesday by the Congressional Oversight Panel. The group's assessment falls far short of the 3 to 4 million homeowners that the president pledged would receive more sustainable mortgage loans when the Home Affordable Modification Program (HAMP) was launched in March of last year, and is well below the 8 to 13 million foreclosures expected by 2012.

Read More »

Bank of America Gets Low Marks for Delinquency Resolution

The time mortgage loan servicers take to resolve delinquent loans through modification or foreclosure varies widely. According to an analysis by Moody's Investors Service, Bank of America has demonstrated the weakest performance measured both by its speed in resolving the status of delinquent loans and by its proportion of delinquent loans that have yet to be resolved. The ratings agency found that GMAC Mortgage, on the other hand, has generally performed better than its peers.

Read More »

Pressure Mounts for Fannie and Freddie to Write Down Mortgages

With property values still tumbling, it's no surprise that nearly a quarter of the nation's mortgage borrowers owe more than their home is worth. Industry studies support the consensus that the farther a borrower sinks into negative equity, the more likely they are to throw in the towel. The severity of this catch-22 is now top-of-mind for government officials. The administration is reportedly pressuring Fannie Mae and Freddie Mac to make principal write-downs a key component of their foreclosure prevention efforts.

Read More »

Industry Completes over 1.5M Loan Mods in First 10 Months of 2010

New data from HOPE NOW shows that the industry completed more than 1.5 million loan modifications for at-risk homeowners from January through October of this year. That translates to an average of 154,000 homeowners per month who have been able to remain in their homes with an affordable loan modification solution. The report makes it clear, though, that there's far more work to be done. HOPE NOW says there are currently 3.4 million homeowners 60 or more days behind on their mortgage payments.

Read More »

Wingspan Deploys IndiSoft’s RxOffice Loss Mitigation Module

Wingspan Portfolio Advisors, a specialty and component mortgage servicer focusing on highly delinquent loans, recently started using the loss mitigation module from technology developer IndiSoft's RxOffice platform. IndiSoft says Wingspan will use the system to help borrowers avoid foreclosure through either repayment alternatives or short sales to maximize the value of severely delinquent loans for investors.

Read More »

New FTC Rule Aims to Protect Homeowners from Mortgage Relief Scams

A new Federal Trade Commission (FTC) rule bans providers of foreclosure rescue and loan modification services from collecting fees until homeowners have a written offer from their lender or servicer that they decide is acceptable. The rule also requires mortgage relief companies to provide their clients with a document describing the key changes to the mortgage that would result if the consumer accepts the offer. They must also remind consumers of their right to reject the offer without any charge.

Read More »