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

ICBA Voices Concern Over Mortgage Servicing Restrictions

Congress_10_17_13

The Independent Community Bankers of America (ICBA) has called upon federal banking regulators not to limit consumers’ mortgage servicing options by imposing stricter mortgage-servicing regulations on community banks. In a comment letter to regulators, ICBA wrote that community banks should not be penalized for servicing the loans they originate for their customers.Click to continue

Latest Monitor Report Shows Green Tree Lacking in Servicing Settlement Compliance

Settlement_Board_Logo_08_27_12

Joseph A. Smith Jr., Monitor of the National Mortgage Settlement (NMS), has released a summary of six compliance reports he filed with the U.S. District Court for the District of Columbia. This summary details the results of his tests to determine Bank of America, Chase, Citi, Ocwen and Wells Fargo’s compliance with the NMS servicing rules from July 1, 2013 to Dec. 31 2013. This report also contains the test results for Green Tree from Oct. 1, 2013 to Dec. 31, 2013.Click to continue

Nationwide Foreclosure Rate Drops 10 Percent Year-Over-Year in March

Foreclosure Dictionary Pic

CoreLogic has released its March National Foreclosure Report, which provides data on completed U.S. foreclosures and foreclosure inventory. According to CoreLogic, for the month of March 2014, there were 48,000 completed foreclosures nationally, down from 53,000 in March 2013, a year-over-year decrease of 10 percent. On a month-over-month basis, completed foreclosures were up 5.9 percent from the 45,000 reported in February 2014. As a basis of comparison, before the decline in the housing market in 2007, completed foreclosures averaged 21,000 per month nationwide between 2000 and 2006.Click to continue

Distressed and Short Sales Comprise 16 Percent Share of Q1 Sales

Short_Sale_For_Sale_Pic

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

Fay_Servicing_Logo_10_25_13

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

House Atop Money/Credit: Creatas

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

Foreclosure for Sale

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

Foreclosed Home Sign

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

Foreclose_Gavel_Pic

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