Subscribe to the print edition of National Mortgage Professional MagazineSubscribe to our RSS feedFollow us on TwitterGet daily updates via emailJoin us on Facebook

Servicing

Foreclosure Sales Rise in July

Foreclose_Sign_Pic

HOPE NOW has released its July 2014 loan modification data. An estimated 35,000 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). Since 2007, approximately 7.13 million total homeowners have received loan modifications. This includes approximately 5.7 million proprietary loan modifications and 1,397,498 completed via HAMP.Click to continue

Year-Over-Year Foreclosures Down Nine Percent in August

Foreclose_Sign_Pic

RealtyTrac has released its U.S. Foreclosure Market Report for August 2014, which shows foreclosure filings — default notices, scheduled auctions and bank repossessions — were reported on 116,913 U.S. properties in August, an increase of seven percent from the previous month, but still down nine percent from a year ago. The report also shows one in every 1,126 U.S. housing units with a foreclosure filing during the month.Click to continue

Surge of Past Short Sellers Spotlights New Problems for Sellers With Deficiencies

Short_Sale_For_Sale_Pic

Many are aware of the foreclosure code placed on past short seller credit. As past short sellers surge back into the housing market, new problems come to light. Short sellers who paid on a deficiency after the short sale closed are getting denied by both Fannie Mae and Freddie Mac for a conventional mortgage for three reasons:

1. The short sale credit is coded as a foreclosure, the same problem that almost all short sales are experiencing.Click to continue

Estimated Annual Pace Down Three Percent For Condos, Apartments and Single Family

Foreclose_Gavel_Pic

RealtyTrac released its July 2014 U.S 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 4,634,513 in July, down three percent from the previous month and down 12 percent from a year ago — the third consecutive month where annualized sales volume has decreased on a year-over-year basis.Click to continue

Wells Fargo Tops MBA Survey of Commercial and Multifamily Mortgage Servicers’ Volumes

Wells_Fargo_Logo_01_17_12

The Mortgage Bankers Association (MBA) released its mid-year ranking of commercial and multifamily mortgage servicers’ volumes as of June 30, 2014. At the top of the list of firms is Wells Fargo with $446.8 billion in U.S. master and primary servicing, followed by PNC Real Estate/Midland Loan Services with $378.2 billion, Berkadia Commercial Mortgage LLC with $242.9 billion, KeyBank National Association with $167.2 billion, and GEMSA Loan Services, L.P. with $95.7 billion.Click to continue

One in Six Homeowners Are Still Underwater, According to Zillow

Underwater_Home_Pic_04_03_14

One in six (17 percent) U.S. homeowners with mortgages – or 8.7 million – were still underwater on their mortgage in the second quarter of 2014, despite rising home values, according to the Zillow Negative Equity Report. This is down from 18.8 percent in the first quarter of 2014, and down from 23.8 percent from last year (Q2 2013).Click to continue

New York AG Files Suit Against Florida and New York Loan Mod Firms

Gavel Green Book/Credit: Creatas

Attorney General Eric T. Schneiderman filed a lawsuit in New York County Supreme Court against four interrelated companies and their principals for operating a fraudulent loan modification scam. The lawsuits were filed against Home Affordable Direct, Inc. (Farmingdale, NY), Home Affordable Solutions, Inc. (Farmingdale, NY), JR Holding Group Corp (Babylon, NY), Clear Solutions and Settlements, Inc. (Tampa, FL) and their principals, Javier Gutierrez and Shadi Soumekh.Click to continue

National Foreclosure Report Indicates Over 20 Percent Decrease, Year-Over-Year

Foreclosed_Home_Pic

CoreLogic released its July National Foreclosure Report, which provides data on completed U.S. foreclosures and foreclosure inventory. According to CoreLogic, for the month of July 2014, there were 45,000 completed foreclosures nationally, down from 57,000 in July 2013, a year-over-year decrease of 21.2 percent. On a month-over-month basis, completed foreclosures were down by 8.5 percent from the 49,000 reported in June 2014.Click to continue

HOPE NOW Reports 116,000-Plus Loan Mods Granted in Q2

Foreclosure Sign Pic

HOPE NOW has released data for the second quarter of 2014, which shows that approximately 421,000 homeowners received non-foreclosure solutions from mortgage servicers between the months of April and June. Permanent loan modifications totaled approximately 116,000 and short sales totaled 33,000.Click to continue

July Foreclosure Activity Down for 46th Consecutive Month Year-Over-Year

Foreclose_Sign_Pic

RealtyTrac has released its U.S. Foreclosure Market Report for July 2014, which shows foreclosure filings—default notices, scheduled auctions and bank repossessions—were reported on 109,434 U.S. properties in July, an increase of two percent from the previous month but still down 16 percent from a year ago. The report also shows one in every 1,203 U.S. housing units with a foreclosure filing during the month.Click to continue