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Tag Archives: LPS

Past Due Mortgages = 6,397,000

New data released by Lender Processing Services (LPS) Tuesday shows the population of mortgages going unpaid in the United States contracted during the month of August. LPS offered the media a sneak peak at several key mortgage performance statistics slated for public release later this month. The company says there were 6,397,000 home loans at least 30 days delinquent or in foreclosure as of the end of August. That's down from 6,538,000 the month before.

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LPS Puts Average Delinquency+Foreclosure Timeline at 599 Days

The average mortgage loan in foreclosure has been delinquent for 599 days, according to Lender Processing Services (LPS). That's a record for the company's regular monthly study on mortgage performance trends. As of the end of July, LPS counted 2.2 million loans that were in foreclosure and nearly 1.9 million that were over 90 days past due but had not yet started the foreclosure process. The company also found that 38 percent of July's foreclosure starts were repeat foreclosures.

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American Home Mortgage Servicing Sues LPS for ‘Surrogate Signing’

American Home Mortgage Servicing, Inc. (AHMSI) is pursuing legal action against Lender Processing Services (LPS) and affiliate DOCX to recover millions of dollars in losses the servicer allegedly incurred from improper documentation related to more than 30,000 mortgages and services preformed between April 2008 and November 2009. For its part, LPS said it was ""surprised"" by AHMSI's action and is prepared to vigorously defend itself against the allegations.

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Industry’s Past-Due Mortgages Climb Above 6.5 Million

Lender Processing Services (LPS) issued a report Tuesday which puts the number of mortgages that are delinquent or in foreclosure at 6,538,000. The company's assessment is based on mortgage performance statistics through the end of July, derived from its loan-level database of nearly 40 million mortgages. The grand total of past-due mortgages has risen by nearly 190,000 over the past two months. In June, LPS' tally of loans at least 30 days delinquent or in foreclosure was 6,452,000. In May it was 6,350,000.

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LPS Records 10% Monthly Increase in Foreclosure Starts

Data released by Lender Processing Services (LPS) Thursday indicates foreclosure and delinquency numbers are on the rise again. The company says foreclosures were initiated on 217,486 loans in June, up more than 10 percent from May. The national delinquency rate also increased to 8.15 percent. As a supplement to this month's report, LPS examined its historical data and found that nearly half of all loans originated in the U.S. since 2005 would not qualify as a Qualified Residential Mortgage (QRM) under regulators' current proposal.

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Mortgage Delinquency Rate Climbs, Foreclosure Numbers Head Higher

Lender Processing Services says data it's collected through the end of June show an abrupt increase in the industry's mortgage delinquency rate and a smaller uptick in the national foreclosure inventory. The company reports the share of home loans 30 or more days past due but not yet in foreclosure rose to 8.15 percent last month, while the foreclosure rate edged up to 4.12 percent. Altogether, there are some 6,452,000 mortgages going unpaid in the United States.

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LPS Applied Analytics Introduces Home Price Index

The Applied Analytics division of Lender Processing Services, Inc. recently introduced the LPS Home Price Index (HPI). The LPS HPI shows historical price trends for residential properties in the United States, offering estimates of property values that underlie residential mortgage portfolios and securities. LPS says the new tool is a reliable way to estimate borrower stress, negative equity, and potential for default and loss.

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Chief Executive of Lender Processing Services Resigns

Lender Processing Services (LPS) announced Wednesday that Jeffrey S. Carbiener has stepped down from his positions as CEO, president, and company director for health-related reasons, effective immediately. The Florida-based firm has established a committee to search for new leadership. In the interim, Lee A. Kennedy, executive chairman of the board and former CEO of LPS's prior parent company, Fidelity National Information Services, Inc., will take on the responsibilities of president and CEO.

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LPS Finds Serious Delinquencies Outnumber Foreclosure Sales 50:1

There were 4,084,557 mortgages in the United States 90 or more days delinquent or in foreclosure as of the end of May, according to Lender Processing Services (LPS). With foreclosure sales at 78,676 at month end, the volume of seriously past due loans over-shadowed the number of completed foreclosures by 50 to 1. In fact, LPS says there are still significantly fewer foreclosure sales than there were before foreclosure moratoria were put into place last fall. The biggest drops have been seen along the East Coast.

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LPS’ Appraisal Unit Turns to Mercury Network for UMDP Compliance

Oklahoma-based a la mode announced this week that a second major technology provider has selected the company's Mercury Network to ensure compliance with Fannie Mae and Freddie Mac's Uniform Mortgage Data Program (UMDP). Lender Processing Services' LSI division is the latest to sign on to a la mode's system. Last week, the company said CoreLogic has also chosen its Mercury Network for appraisal management that meets the GSEs' requirements.

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