HUD's Distressed Asset Stabilization Program has come under fire recently, but are all the criticisms warranted?
Read More »Freddie Mac Completes Second Non-Performing Loan Sale Worth More than $1 Billion
The loans are three years delinquent on average and approximately one-third of them have previously been modified and subsequently became delinquent.
Read More »Borrower Outreach Events Proving Successful at Preventing Foreclosures
Borrower outreach events include HUD-approved housing counselors and mortgage servicers in order to give distressed borrowers a face-to-face meeting to work out a solution such as a permanent loan modification that will allow borrowers to remain in their homes. If a home retention solution cannot be worked out, often a non-foreclosure home forfeiture solution is offered such as a short sale or deed-in-lieu of foreclosure.
Read More »GSEs Announce Lowest Ever Interest Rate on Standard Mortgage Modifications
According to similar releases from the GSEs, starting on November 13, 2015, Fannie Mae will lower its standard modification interest rate from 4 percent to 3.875 percent. Meanwhile, Freddie Mac will lower its standard modification interest rate by the same amount beginning on November 5, 2015.
Read More »Freddie Mac Plans to Use Proven Formula for Assisting HAMP Borrowers With Rate Increases
The research found that 31 percent of borrowers had not talked to their servicer/lender, 28 percent did not believe their servicer could help them, yet 74 percent (nearly three-quarters) said they would talk to a housing counseling agency, yet 38 percent of the homeowners who were surveyed did not know that counseling was available to them.
Read More »Housing Counselors Report Substantially Improved Communications with Servicers
The challenge most reported by counselors in NFMC's report was efficient and timely communication with servicers (38 percent), which is down slightly from 40 percent in the NFMC's report from October 2013.
Read More »The Impact of HAMP on Loss Mitigation Norms
It has enabled the industry to evolve its loss mitigation norms by helping to define a process that uses income to drive to a specific debt-to-income level, and it is likely that modifications beyond HAMP will continue to occur on this basis.
Read More »HAMP Borrowers Facing Higher Payments May Be Able to Turn to Freddie Mac
According to Treasury's Making Home Affordable Program Performance Report for Q1 2015, approximately 2.3 million homeowners had started HAMP trial modifications in the six-year existence of the program.
Read More »Mortgage Industry Surpasses 24 Million Workout Plans Completed Since 2007
For Q2, the number of workout solutions outpaced completed foreclosures by the count of 411,000 to 89,000, which calculates to an average of 4.6 solutions for every foreclosure sale during the quarter.
Read More »Ocwen Engages in Community Outreach to Help Distressed Borrowers
The Atlanta-based servicer's outreach, which is scheduled to take place in 10 cities across California, New York, Illinois, Wisconsin, and Florida, is part of Ocwen's continued effort to partner with community leaders and non-profit housing organizations to provide solutions to struggling homeowners.
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