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Tag Archives: Loan Modifications

Slowing Loan Mods, Liquidations Even Out

The improved credit quality of mortgage loans originated post-crisis has resulted in fewer delinquencies and defaults, which in turn has resulted in a substantial decline in loan modifications industry-wide.

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Bank of America is Well Ahead of Pace to Fulfill Settlement Obligation

The majority of the amount credited in the second quarter ($1.7 billion) went to modification of 9,671 loans. Another $186 million of the amount credited in Q2 went to extend 16,231 new home loans to borrowers in HUD-designated hardest-hit areas, borrowers who lost their homes to short sales or foreclosures, and low- and moderate-income borrowers.

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CFPB Complaint Report Cites Problems With Loan Mod Process

Ambiguity and/or delays in the loan modification process were a frequent subject of the complaints, while others said they were not considered for all loss mitigation options available, they were incorrectly denied a modification, or the terms of the modification were unfavorable.

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Mortgage Performance Improves Across the Board For Eight National Banks

Foreclosure activity declined substantially year-over-year in Q1. The number of properties in the process of foreclosure as of the end of the quarter dropped down to 299,424, a decline of 30.8 percent from the same quarter a year earlier. The nearly 300,000 loans in the process of foreclosure during Q1 comprised about 1.3 percent of the loans in the portfolio.

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