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Tag Archives: Loan Modification

Feature: New World Order

The veterans of this business can remember when REOs ran in the neighborhood of 150,000 a year, delinquency rates were just around 4 percent, and you only needed a credit score of 620 to qualify for a prime mortgage loan. But the housing finance industry, and default servicing especially, has changed. In the cover story of it's September issue, DS News looks at the many factors--from a slew of new regulatory mandates to an altered public perception of debt obligations--that have altered the business into something far from customary.

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2013 in Review: The Consumer Financial Protection Bureau

Mortgage industry commentators may argue (and they certainly have) about the Consumer Financial Protection Bureau's (CFPB) performance over the last year, but one thing is certain: The bureau knows how to command headlines. Early this year, CFPB finally issued its long awaited Qualified Mortgage (QM) guidelines along with a slew of other finance regulations. With the future of housing finance on the line, it's no wonder readers of DSNews.com couldn't tear themselves away from the news.

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DataQuick Enhances Standard Recorder Layout with Expanded Data

DataQuick, a real estate information solutions firm headquartered in San Diego, announced it has expanded its Standard Recorder layout to provide a more comprehensive view of properties and transactions. The expanded layout allows for the creation of a custom bundle devoted to key loan transaction intelligence, including data on 12 million loan modifications, loan terms on four million mortgages, interest rates on 600,000 loans, and details on 525,000 reverse mortgages.

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Treasury Adds New Compliance Metrics to Making Home Affordable

The servicer assessment component of the Making Home Affordable (MHA) program has been enhanced with new compliance metrics and benchmarks to measure the impact of servicer performance on the borrower's experience. Individual servicer assessments are conducted quarterly to identify areas of non-compliance and drive improvements in servicers' execution of the federal program.

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Fannie Mae Reports on October’s Book of Business

Fannie Mae completed about 13,000 loan modifications in October, bringing the year-to-date total to nearly 134,000. At the same time, the GSE's serious delinquency rate for conventional single-family mortgages declined seven basis points over the month, dropping to 2.48 percent. According to the company's latest monthly volume summary, Fannie Mae's total book of business is currently valued at about $3.17 trillion.

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Estimated Time to Clear Distressed Inventory Rises

Distressed inventory is on the decline, but the number of months it will take to clear these distressed homes from the market is on the rise. According to the latest report from Morningstar Credit Ratings, distressed inventory among non-agency residential mortgage-backed securities dropped 20 percent to 891,000 properties as of September. However, Morningstar says it will take 49 months to work through this inventory given current market dynamics. That's 11 months longer than the assessment in 2012.

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Private-Public Collaboration Results in 8M Foreclosure Preventions

Collaboration between the private and public sectors has resulted in 8 million non-foreclosure solutions completed for at-risk families since 2007, according to HOPE NOW, a voluntary alliance of mortgage servicers, investors, mortgage insurers, and nonprofit housing counselors. Over the last six years, the mortgage industry has completed more than 6.71 million total permanent loan modifications, while short sales total approximately 1.39 million since December 2009.

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More Homeowners Receiving Principal Reductions Under HAMP

As of September, more than 1.2 million homeowners have received a permanent modification through the Home Affordable Modification Program (HAMP). Homeowners currently in permanent HAMP mods have been granted an estimated $12.1 billion in reduced principal, Treasury reports. In fact, officials say of all non-GSE loans eligible for principal reduction entering HAMP in September, 72 percent included a principal reduction feature.

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HAMP’s Redefault Rate at 27% and Likely to Rise

Over the life of the government's Home Affordable Modification Program (HAMP), 1.25 million homeowners have received permanent HAMP modifications, and 27 percent of those have later redefaulted on their loans, according to a quarterly report to Congress from the TARP special inspector general. The inspector general expressed concern as far back as April that HAMP redefaults were ""increasing at an alarming rate.""

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Loan Mods Rise in August, Foreclosures Remain Steady

Servicers completed 67,000 mortgage loan modifications in August, bringing the total for the year to 580,000, according to HOPE NOW. Loan modifications increased 8 percent in August when compared to the month prior, and year-to-date loan mods outpace foreclosure sales by about 142,000. HOPE NOW reports about 23,000 short sales were completed in August.

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