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Tag Archives: LPS

Overdue Mortgages Number 6,082,000

New data from Lender Processing Services (LPS) shows that as of the end of January, there were 6,082,000 mortgages in the U.S. going unpaid. That tally includes loans that are 30 or more days delinquent and loans in foreclosure. The national delinquency rate as of January month-end was 7.97 percent. Delinquencies registered a decline, both for the month and the year. The industry's foreclosure inventory, however, rose to 4.15 percent, as newly initiated foreclosures spiked.

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Processing Delays Manifested: 39% Fewer Foreclosure Starts in 2011

The number of foreclosure actions initiated in 2011 was down 38.7 percent compared to 2010, according to a new report from Lender Processing Services (LPS). The foreclosure inventory, on the other hand, remains near historic highs, at 4.11 percent. The numbers illustrate the impact of processing delays brought on by the robo-signing controversy, the impact of which remains strong in judicial states. LPS says half of all loans in foreclosure in judicial states have not made a payment in more than two years compared to 28 percent in non-judicial states.

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Delinquency and Foreclosure Rates Down From a Year Ago: LPS

As of the end of December, Lender Processing Services (LPS) counted 6,167,000 borrowers behind on their mortgage payments, including those already in the process of foreclosure. That tally is the culmination of a steady decline over the last year, with both the national delinquency rate and foreclosure rate down when compared to their December 2010 readings. Delinquencies dropped by 7.7 percent from their year-ago level, while foreclosures declined by 1.0 percent.

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Home Price Declines Consistent Across the Country

Marking the fifth consecutive month of decline, home prices fell 0.8 percent in October, matching levels last seen in 2002, according to Lender Processing Services' (LPS) Home Price Index released Wednesday. As of October, the national home price average was $200,000. The year-to-date decline in October was 2.7 percent. The LPS index noted that price declines were consistent across the country. In fact, prices fell in October in 403 out of the 409 metro areas LPS tracks.

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Delinquencies Stubbornly High as Earlier Declines Come to an End

New data released by Lender Processing Services (LPS) shows mortgage delinquencies at the end of November 2011 were nearly 25 percent below their January 2010 peak. LPS says over that period, the number of noncurrent mortgages was slashed by nearly a quarter simply because fewer borrowers were falling behind on their payments - a trend which dominated 2010 and the first quarter of 2011. Unfortunately, the company says that trend has come to an end.

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Florida Supreme Court Terminates State Mediation Program

Florida's mandatory foreclosure mediation program has come to an end. State Supreme Court Chief Justice Charles Canady issued an order this week stating that no new cases may be referred to mediators as part of the court-run initiative and citing the program's lack of success in resolving foreclosure disputes between lenders and borrowers. Data released earlier this year showed that only 4 percent of eligible mediation cases ended in a settlement.

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Delinquencies on the Rise as Loans Languish in Pipeline

Lender Processing Services (LPS) has released new data detailing mortgage performance at November month-end. The most troubling statistic shows a nearly 3 percent month-over-month increase in the number of loans 30 or more days past due but not yet in foreclosure. LPS says 8.15 percent of the nation's mortgages fell into this category as of the end of November. That's up from 7.93 percent at the end of October and is the first time in four months the company has reported a rise in the national delinquency rate.

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Nevada Attorney General Sues LPS

Nevada Attorney General Catherine Cortez Masto has filed a lawsuit against Lender Processing Services (LPS), alleging the company executed fraudulent documents to support foreclosure proceedings. Masto's announcement came as a surprise, considering just last month LPS disclosed publicly that the attorney general's office assured the company it was not a target of the state's investigation, which has already resulted in the indictment of six former LPS employees for alleged robo-signing abuses.

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Fitch: Timing and Method of REO Disposition Matters

Citing data from Lender Processing Services estimating more than 2 million properties in some state of foreclosure, Fitch Ratings says REO sales - both single-property and bulk sales - will be an integral component of the housing market over the next two years. However, the timing and method of disposition will have significant implications for home prices, according to Fitch. The agency notes that distressed properties generally sell at a substantial discount, further exacerbated by the presence of excess inventory.

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LPS Technology Safeguards Against Foreclosing on Military Personnel

Lender Processing Services (LPS) has added additional functionality to its MSP loan servicing platform that the company says will help servicers better track and manage loans belonging to military service members. LPS' Military Service Relief (MSR) workstation adds 30 fields to MSP to allow servicers to identify and process loans protected under the Servicemembers Civil Relief Act (SCRA), while providing stop-gap measures to guard against foreclosing on military personnel.

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