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Tag Archives: LPS

LPS Records 12% Drop in Mortgage Delinquencies

Lender Processing Services (LPS) reports that the nation's mortgage delinquency rate plunged to 7.78 percent at the end of March. That figure includes loans that are at least 30 days past due but not yet in foreclosure. March's delinquency rate is down nearly 12 percent from the month before and 20 percent below a year ago. At the same time, though, the nation's foreclosure rate edged up to 4.21 percent. Altogether, LPS says there are 6,333,000 homes in the U.S. that are delinquent or in foreclosure.

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Regulators Hand Down Enforcement Actions to Servicers, Vendors

The Office of the Comptroller of the Currency, Federal Reserve, and the Office of Thrift Supervision announced formal enforcement actions Wednesday against 14 mortgage servicers and two firms that provide foreclosure-related services to the industry - LPS and MERS. The consent orders are the result of regulators' investigations into robo-signing allegations and represent a settlement with the firms involved, at least in part. Both the OCC and Fed say they believe monetary sanctions in these cases are also warranted, and they plan to pursue such actions separately.

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Field Services Group Teams With LPS to Launch Code Enforcement Tool

The National Association of Mortgage Field Services (NAMFS) and Lender Processing Services (LPS) have teamed up to develop a new online tool that the organizations say will facilitate communication and collaboration between code enforcement officials and national providers of field services to the mortgage servicing industry. The Web-based tool is called ALLIANCE. It will be launched May 1, and is free to both local code enforcement officials and participating national providers.

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Fabrizio & Brook Partner Nominated to Bar Association Board

Jonathan L. Engman, partner at Fabrizio & Brook, P.C. in Troy, Michigan, has been nominated to run for the board of directors for the Oakland County Bar Association. The firm also recently announced that it has been honored with the fourth-quarter 2010 Performance Recognition Award from Lender Processing Services for outstanding achievement in foreclosure.

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LPS: Foreclosure Backlog Stands at 30x Foreclosure Sales Volume

New data released by Lender Processing Services (LPS) Monday clearly illustrates that foreclosure timelines are growing longer and longer. The company reports that the average loan in foreclosure right now has been delinquent for a record 537 days, and 30 percent of loans in foreclosure have not made a payment in over two years. As of the end of February, LPS says foreclosure inventory levels stood at more than 30 times monthly foreclosure sales volume.

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Default Resource Hires Former Ocwen and Altisource Exec

Default Resource, a provider of REO management, valuation, and loss mitigation services, has announced the hiring of James Zeldin as EVP and chief sales officer. Zeldin brings more than 20 years' experience in default management, origination services, REO management, and business process consulting to Default Resource. He previously served as SVP of business development for Altisource Portfolio Solutions and its predecessor company, Ocwen Financial Corporation.

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LPS’ Data Show Declines in Delinquencies and Foreclosure Inventories

Lender Processing Services, Inc. (LPS) gave the media an advance look Monday at the company's February mortgage performance report to be released later this week. In what can be viewed as an anomaly of the current housing crisis, LPS' data show that both the national mortgage delinquency rate and the share of homes that are in the process of foreclosure drifted lower last month. Altogether, LPS says there are 6,856,000 properties in the United States with mortgages that are at least 30 days past due or in foreclosure.

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LPS Finds Foreclosure Starts Declined in January but Outpaced Sales

Data released by Lender Processing Services (LPS) Wednesday shows that while foreclosure starts decreased in the first month of 2011, they still outnumber foreclosure sales by almost three to one. According to the company's analysis, lenders initiated 230,000 foreclosure actions in January, down 11.4 percent from the previous month. Foreclosure sales totaled approximately 80,000 during the same month. At the same time, deterioration in the 90-plus days delinquent category increased for the first time since May 2010.

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LPS Records Increase in Nonperforming Loans

After several months in which the nation's volume of non-current home loans declined, the contraction has come to an end. Lender Processing Services (LPS) says there were 6.92 million residential mortgages past due or in foreclosure as of the end of January. That's up from 6.87 million reported by the analytics firm for December. LPS provided the media with a sneak peek at its January month-end mortgage performance data, and the numbers show that both the delinquency rate and foreclosure inventory rate edged up last month.

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Servicers Face New Rules, Penalties for Foreclosure Processing Mistakes

When evidence surfaced last fall of flawed foreclosure documentation and robo-signers within some of the nation's largest servicing shops, federal regulators launched an investigation into the foreclosure and servicing practices of 14 companies. Officials say they've uncovered ""critical deficiencies and shortcomings"" and will be enforcing sanctions and penalties against servicers and developing a set of national mortgage servicing standards for the industry.

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