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Tag Archives: Loan Modification

D.C. Mayor Signs Emergency Act to Slow Foreclosures

In another attempt to save struggling homeowners from avoidable evictions, Washington, D.C. Mayor Adrian M. Fenty has signed an emergency act that amends several sections of the District of Columbia Official Code. Most prominent in the new piece of legislation is the addition of a ""foreclosure mediation"" section, which has specific requirements banks must meet before proceeding with a foreclosure. Foreclosure sales resulting from a process that skipped a step or proceeded incorrectly will be considered void.

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New York City Comptroller Wants Banks to Perform Independent Audits

New York City Comptroller John C. Liu has called on the directors at Bank of America, Wells Fargo, JP Morgan Chase and Citigroup to conduct an independent audit of their mortgage and foreclosure practices. Liu, who is a trustee of the New York City Pension Funds called upon the banks to perform the audit on behalf of the group.

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HAMP’s Progress Remains Sluggish, Officials See Other Gains in Housing

Fewer than 500,000 homeowners have received permanent assistance through the Home Affordable Modification Program (HAMP) and are still current on their new payments. During the month of October, only 23,750 permanent modifications were granted. Many have called HAMP's results disappointing, but administration officials assert that the full spectrum of housing policies have helped bring stability to a very challenging housing market.

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IndiSoft’s RxOffice Now Supports eSignatures

IndiSoft now supports electronic signatures with its RxOffice Document Management platform. The company says RxOffice increases the speed of default management processes by allowing users to execute documents without printing, signing, and scanning. The technology is compliant with federal and state handwritten digital signature regulations. The eSignature is bound as part of the document itself.

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Completed Loan Mods Now Top 1.4 Million for 2010: Report

Mortgage servicers have completed 1.4 million permanent loan modifications so far this year, according to the latest estimates from HOPE NOW. Servicers have been granting permanent loan modifications through proprietary and HAMP programs at a steady pace of about 150,000 per month. But consumer advocates and federal watchdogs say their efforts are unfortunately overshadowed by the sheer volume of delinquencies. HOPE NOW says there are still over three million homeowners at least two months behind on their mortgage payments.

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With Millions of Foreclosures on Horizon, Should States Mandate Mods?

According to the Center for Responsible Lending, since the housing crisis took hold, 2.5 million homeowners have already lost their homes and another 5.7 million are at risk of foreclosure. It's projected that between 10 and 13 million foreclosures will have occurred by the time this crisis abates. The Center argues that the power to stop unnecessary foreclosures and stabilize local housing markets lies with state legislatures. The group says lawmakers should impose mandatory loss mitigation standards for all servicers prior to foreclosure.

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Has HAMP Struck Out Looking?

Perhaps it was eager anticipation of the World Series kickoff, but Sen. Ted Kaufman's baseball analogy at a Capitol Hill hearing Wednesday clearly put into perspective a key defect of the Home Affordable Modification Program (HAMP) - a defect that watchdog groups and market observers have been lamenting for months now. And that is, Treasury's back-peddling of how many homeowners the program will actually help. ""What matters is not how often you swing the bat, but how often you reach the bases,"" Kaufman said.

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HAMP-Bashing Persists from Watchdogs and Regulators

Treasury's latest report on the administration's Home Affordable Modification Program (HAMP) shows that over half of the trial plans started have been canceled and 11 percent of borrowers have re-defaulted on their new loan. The TARP special inspector general told Congress that HAMP is ""failing to meet its goal of preserving homeownership"" and risks igniting public anger and mistrust. A Fed economist says HAMP is a reflection of the Obama administration's ""failed policies,"" and the government must be prepared to ""pay lenders a lot of money"" to modify loans.

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New HAMP Mods Decline by 16% in September: Report

The Treasury Department released its monthly progress report on the administration's flagship foreclosure-prevention program Monday, and the results show that the Home Affordable Modification Program (HAMP) is continuing to lose steam. Servicers completed just 28,000 permanent HAMP mods during the month of September - 16 percent fewer than the previous month. More than half of all mortgage mods initiated under HAMP have been terminated, but officials say the program's ""rigorous standards"" mean better post-mod performance.

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Residential Credit Solutions Deploys IndiSoft’s RxOffice Loss Mitigation

IndiSoft announced Wednesday that Residential Credit Solutions (RCS) has deployed the company's RxOffice Loss Mitigation module. RCS is an integrated investment and servicing company focused on credit-sensitive residential mortgage loans. According to IndiSoft, the module streamlines RCS's processes while improving operating efficiencies for supporting loans in default.

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