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Servicing

Florida Man Sentenced for Role in Loan Mod Scheme

Black Gavel Pic/Credit: Brand X Pictures

A Florida man was sentenced to 12 months and one day in federal prison for defrauding thousands of homeowners in a $4 million nationwide home loan modification scheme. Special Inspector General for the Troubled Asset Relief Program (SIGTARP) Christy Romero, Acting Assistant Attorney General Mythili Raman of the Justice Department’s Criminal Division, and U.S. Attorney Carmen M. Ortiz of the District of Massachusetts made the announcement.Click to continue

LenderLive Selected by Ohio-Based Firm to Service Portfolio

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LenderLive Network Inc. announced that it has been selected by Equity Resources, Inc., an Ohio-based mortgage firm, as a subservicer for its residential loan portfolio. Equity Resources has 20 branch offices and lends in 14 states with the majority of their business in Ohio, Pennsylvania, North Carolina and Maryland. The 20-year-old company offers several loan products on a customer-referral basis, including conventional, FHA, USDA and VA.Click to continue

Nearly 770,000 Homeowners Granted Loan Mods in 2013

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HOPE NOW released its final 2013 loan modification data, which shows that approximately 768,000 homeowners received permanent, affordable loan modifications from mortgage servicers in 2013. The reported data for December shows that, for the year, mortgage servicers completed approximately 592,843 proprietary loan modifications for homeowners and 175,076 Home Affordable Modification Program (HAMP) modifications (as reported by US Treasury Department). December data also showed approximately 281,000 short sales completed for the year.Click to continue

Monthly Foreclosure Activity Rises Eight Percent in January

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RealtyTrac has released its U.S. Foreclosure Market Report for January 2014, which shows foreclosure filings were reported on 124,419 U.S. properties in January an eight percent increase from December but still down 18 percent from January 2013. The report also shows one in every 1,058 U.S. housing units had a foreclosure filing during the month.Click to continue

NY State Asks Ocwen to Suspend Wells Fargo MSR Purchase

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The New York Department of Financial Services has requested that Ocwen Financial Corporation indefinitely suspend its previously announced purchase of a mortgage servicing rights portfolio with an unpaid principal balance (UPB) of $39 billion from Wells Fargo Bank, N.A. However, this announcement will not affect Ocwen's current corporate and servicer ratings, according to Fitch Ratings.Click to continue

Grassroots Campaign Underway to Put HARP 3.0 on the Radar

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The Home Affordable Refinance Program (HARP) was recently credited with helping mopre than three million homeowners in adjusting their mortgages. This is a huge success for the American people and can be regarded as one of the Obama Administration’s greatest victories. That established, many are calling for further refining of the HARP program, which, in its current state, is known as HARP 2.0.Click to continue

TeleVoice Capitalizes on Servicers' SPoC for 36 Percent Business Increase

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TeleVoice has posted a 36 percent increase in revenues during its 2013 fiscal year, driven primarily by strong market adoption of SpotLight, TeleVoice’s Single Point of Contact (SPoC) call management solution, sales of systems to new mortgage servicing clients and an expansion of TeleVoice’s systems within its existing clients in response to significant levels of loan portfolio growth.Click to continue

HARP Refis Surpass the Three Million Mark

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The Federal Housing Finance Agency (FHFA) has announced that the Home Affordable Refinance Program (HARP) has reached a significant milestone as more than three million homeowners have now refinanced their mortgages through the program. This noteworthy achievement is detailed in FHFA’s November Refinance Report.Click to continue

Seneca Mortgage Investments Completes Purchase of AMS Servicing

Handshake Credit: Digital Vision

Seneca Mortgage Investments LP has announced that it has closed on its purchase of AMS Servicing (AMS), a residential mortgage servicer sold by Arbor Commercial Mortgage LLC (ACM). Seneca Mortgage Investments LP, a joint venture among affiliates of GSO Capital Partners LP; EJF Capital, LLC; and Arbor Commercial Mortgage, LLC, first announced the acquisition of AMS Servicing on Sept. 12, 2013, pending necessary regulatory approvals. Since that date, all approvals have been completed and the transaction has closed.Click to continue

RealtyTrac: Foreclosure Activity Drops to Seven-Year Low in 2013

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RealtyTrac has released its December and Year-End 2013 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 5,167,255 in December, a less than one percent increase from the previous month and a 10 percent increase from December 2012.Click to continue