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Servicing

Distressed and Short Sales Comprise 16 Percent Share of Q1 Sales

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RealtyTrac has released its March and Q1 2014 Residential & Foreclosure Sales Report, which shows that U.S. residential properties, including single family homes, condominiums and townhomes, sold at an estimated annual pace of 5,253,464 in March, an increase of 0.4 percent from February and up eight percent from a year ago. The median sales price of U.S. residential properties—including both distressed and non-distressed sales—was $164,500 in March, up one percent from February and up 10 percent from March 2013. March was the 24th consecutive month where U.S.Click to continue

Nancy Barthel Joins Fay Servicing as SVP of Operational Risk

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Fay Servicing has announced the addition of Nancy Barthel to its executive team as the company’s senior vice president of operational risk, where her role is to develop and strengthen the servicer’s QA/QC programs and manage risk across the organization.Click to continue

More Than 42,000 Permanent Loan Mods Granted in February

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HOPE NOW released its February 2014 loan modification data. An estimated 42,000 homeowners received permanent, affordable loan modifications from mortgage servicers during the month. This total includes modifications completed under both proprietary programs and the government’s Home Affordable Modification Program (HAMP).Click to continue

Monthly Foreclosure Activity Rises Four Percent in March

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RealtyTrac released its U.S. Foreclosure Market Report for March and the first quarter of 2014, which shows foreclosure filings — default notices, scheduled auctions and bank repossessions — were reported on 117,485 U.S. properties in March, a four percent increase from February but still down 23 percent from a March 2013.Click to continue

GSEs Execute Three Million-Plus Foreclosure Prevention Actions Since 2008

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Fannie Mae and Freddie Mac have completed more than 3.1 million foreclosure prevention actions since the start of conservatorship in 2008. These actions have helped more than 2.5 million borrowers stay in their homes, including nearly 1.6 million who received permanent loan modifications. During 2013, Fannie Mae and Freddie Mac completed nearly 448,000 foreclosure prevention actions, 99,700 of these in the fourth quarter. The majority of these allowed troubled borrowers to save their homes.Click to continue

February Foreclosure Volume Seven Percent Higher Than 2013

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RealtyTrac has released its February 2014 Residential & Foreclosure Sales Report, which shows that U.S. residential properties, including single family homes, condominiums and townhomes, sold at an estimated annual pace of 5,083,241 in February, a 0.2 percent decrease from the previous month but still up seven percent from a year ago. February marked the fourth consecutive month where sales activity has decreased on a monthly basis.Click to continue

New Yorker Sentenced to Nine Years in Loan Mod Scheme

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Christy Romero, Special Inspector General for the Troubled Asset Relief Program (SIGTARP), and Preet Bharara, U.S. Attorney for the Southern District of New York, announced that Isaak Khafizov, a former owner of American Home Recovery (AHR), a mortgage loan modification business that operated in New York, was sentenced in Manhattan federal court to nine years in federal prison in connection with a scheme to defraud hundreds of struggling homeowners and their lenders.Click to continue

The "Big Four" Meet Servicing Settlement Requirements

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Joseph A. Smith Jr., Monitor of the National Mortgage Settlement, filed with the U.S. District Court for the District of Columbia, final crediting reports on Bank of America, Chase, Citi and Wells Fargo. These reports confirm that the banks have satisfied their consumer relief and refinancing obligations under the Settlement. The Monitor previously certified that the ResCap Parties fulfilled their consumer relief and refinancing requirements.Click to continue

Foreclosures Drop 10 Percent in February

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RealtyTrac released its U.S. Foreclosure Market Report for February 2014, which shows foreclosure filings — default notices, scheduled auctions and bank repossessions — were reported on 112,498 U.S. properties in February, a 10 percent decrease from January and down 27 percent from February 2013 to the lowest monthly total since December 2006 — a more than seven-year low.Click to continue

Quandis Adds Additional Functionality to KMC Information Systems App

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Quandis Inc. has announced that it has added new functionality to its existing bankruptcy search interface with KMC Information Systems LC’s (KMCIS) CaseAware application. CaseAware is a case management system (CMS) for default servicing law firms to efficiently manage, process and communicate with other parties in order to complete foreclose related tasks and transactions.Click to continue