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Tag Archives: Loan Modification

Court Affirms Ohio AG’s Case Against Loan Servicer HomEq

Ohio Attorney General Richard Cordray's lawsuit against Barclays Capital Real Estate, dba HomEq Servicing, just took a legal step forward with a recent decision by a state court. This week, a Montgomery County judge overruled the defendant's motion to dismiss, clearing the way for Cordray's case to move forward, and the attorney general says, setting the stage for servicers to be held legally responsible for their actions in the aftermath of the foreclosure crisis.

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Genworth Reports Nearly $4.8B in Mortgages Saved from Foreclosure

Mortgage insurer Genworth Financial saved almost $4.8 billion in mortgages from foreclosure in the 12 months ending June 30, 2010. These statistics represent a nearly 80 percent increase from the same period last year. More than half of total mortgage dollars saved were the result of the administration's Home Affordable Modification Program (HAMP). Genworth reports that it completed more than 30,000 mortgage workouts nationwide during the period via its homeowner assistance program.

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Mortgage Litigation Index Declines as Focus Shifts to Criminal Cases

The government has shifted its resources from civil to criminal mortgage-related cases in recent months. As a result, an industry index that tracks mortgage litigation lawsuits has dropped by more than half. Active cases totaled 75 in the second quarter, according to the report released this week. Activity tumbled 52 percent from the first quarter and was 40 percent lower than a year ago, as the U.S. Department of Justice executed its nationwide crackdown on mortgage fraud, dubbed Operation Stolen Dreams.

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GSEs’ Short Sales and Deeds-in-Lieu up 27% in Q2

Nearly 31,000 borrowers with Fannie Mae and Freddie Mac loans forfeited their homes through a short sale or deed-in-lieu of foreclosure during the second quarter of this year. The figure represents a 27 percent increase over the previous three-month period. The GSEs also reported that their volume of permanent modifications under the administration's Home Affordable Modification Program (HAMP) increased 65 percent, but at the same time, foreclosure starts and foreclosure sales were also up by double digits.

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Loan Modifications Surpass One Million Mark for 2010

The industry has completed 1.13 million permanent loan modifications for at-risk homeowners so far in 2010, according to data released Wednesday by HOPE NOW. The organization also reports that since January of this year, mortgage delinquencies of 60 days or more past due have dropped 20 percent, but the data supports the assumption that the decline is simply the byproduct of an increase in foreclosures. July's foreclosure starts outpaced loan mods during the month by nearly 90 percent.

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Servicers Fail to Deliver on Loan Mod Best Practices: J.D. Power

U.S. consumers are less satisfied with their experience during the loan modification process than they are during loan origination, namely because mortgage servicers are missing the mark when it comes to delivering on best practices, according to J.D. Power and Associates. The company's survey found that mortgage servicers fail to adhere to a time frame for approval, don't provide the customer with status updates, and repeatedly ask borrowers for the same information. BB&T ranks highest in customer satisfaction among mortgage servicers.

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Countersuit Filed Against Ohio Attorney General

American Home Mortgage Servicing, Inc. (AHMSI), headquartered in Texas, is fighting back against the lawsuit filed against them yesterday. Filed by Ohio Attorney General, Richard Cordray, the lawsuit against AHMSI alleges the company was under numerous violations of the Ohio Consumer Sales Practices Act.

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