Home / Tag Archives: LPS (page 15)

Tag Archives: LPS

Seven Million U.S. Mortgages Past Due or in Foreclosure: LPS

There are 7,018,000 mortgages in the United States that are 30 or more days delinquent or in the process of foreclosure, according to new data from Lender Processing Services (LPS). Of the more than 7 million home loans in the country currently going unpaid, 2,055,000 have already commenced foreclosure proceedings. LPS reports that 4,963,000 are in the pre-foreclosure default stages, with nearly half of these falling into the 90-plus-days delinquent bucket.

Read More »

LPS and Prommis Respond to Allegations of Illegal Fee-Splitting

The housing crisis has brought with it a barrage of lawsuits, many of which are taking direct aim at the practices of default servicing firms. One such case filed in a U.S. bankruptcy court in Mississippi names Prommis Solutions and the default services arm of Lender Processing Services (LPS) as defendants. The lawsuit alleges the firms are taking part in a fee-splitting arrangement for services provided to mortgage lenders through LPS' attorney network. Both companies are standing their ground that the case lacks merit and misrepresents their services.

Read More »

Foreclosure Starts Hit Highest Level Since January: LPS

The August Mortgage Monitor report released Friday by Lender Processing Services shows that foreclosure starts are continuing to accelerate, with the GSEs displaying more aggressive timelines on early stage delinquencies. Last month, the company tracked 282,528 newly initiated foreclosures. That's 20 percent above a year ago and the highest level recorded by LPS since January of this year, when there were 287,865. As of August month end, there had been more than 2 million foreclosure starts so far this year.

Read More »

More Delinquent Loans Entering Foreclosure Process: LPS

Lender Processing Services (LPS) is offering a sneak peak at its upcoming mortgage market report, scheduled for release September 24. The company's study will show that the national home loan delinquency rate has retreated, while the foreclosure rate is on the rise. LPS says the numbers are a sign that more delinquent loans are entering the foreclosure process, as servicers pick up the pace working through their default backlogs. According to LPS, the country's inventory of pre-sale foreclosures stood at 2,038,000 at the end of August.

Read More »

LPS Reports a Jump in Foreclosure Starts in July

The Mortgage Bankers Association (MBA) offered the industry a ray of hope when it reported Thursday that foreclosure starts were down nearly 10 percent in Q2, but the brightness quickly faded when Lender Processing Services (LPS) released its own dataset. MBA's numbers were based on data through the end of June. LPS reports that by the end of July, foreclosure starts had jumped back up by 24.5 percent. It's the fourth highest level ever recorded by the company.

Read More »

LPS Establishes Network of Default Service Providers

Lender Processing Services, Inc. (LPS) said Thursday that it is forming a strategic partnership group to establish a network of default-related service providers. The company says the goal of the network is to lower the cost of default services and create efficiencies for borrowers, mortgage servicers, and investors. Members will include attorneys, title companies, foreclosure trustees, publication and posting providers, and service of process companies.

Read More »

LPS Data Shows GSE Foreclosure Starts Are Accelerating

Fannie Mae and Freddie Mac are beginning to initiate foreclosures at a faster pace. According to a new study from Lender Processing Services (LPS), GSE foreclosure starts have been accelerating and are currently at all-time highs. From May to June, foreclosures initiated by Fannie and Freddie jumped 21 percent. LPS says the recent momentum coincides with Home Affordable Modification Program (HAMP) cancellations, with most of the increase and volume concentrated in the very late stages of delinquency.

Read More »

Talking in Codes

Continuing communication is key to navigating REO code compliance with suppliers, communities, and other related entities.

Read More »

Your Daily Dose of DS News

Get the news you need, when you need it. Subscribe to the Daily Dose of DS News to receive each day’s most important default servicing news and market information, absolutely free of charge.