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Servicing

Guaranty Trust Taps FICS to Build Servicer Division

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Tasked with building a new servicing division, Murfreesboro, Tenn.-based Guaranty Trust Company turned to  loan servicing software provider Financial Industry Computer Systems, Inc. (FICS) to manage its residential servicing department, through the use of Mortgage Servicer and Mortgage Accountant. Guaranty Trust was in need of a system which could handle interim servicing between the boarding and servicing of loans that they would retain with the assistance of a sub-servicer; as well as technology that could support loans to be sold and released on the secondary market.Click to continue

Office of Mortgage Settlement Oversight Releases Progress Report

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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 interim credit reports on Bank of America, Chase, Citi and Wells Fargo. These reports cover credited consumer relief and refinancing conducted through Dec. 31, 2012 and demonstrate each bank’s progress toward its total consumer relief obligations.Click to continue

Nearly 70,000 Homeonwners Receive Loan Mods in August

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HOPE NOW has released its August 2013 loan modification data, finding an estimated 67,000 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). The total number of loan modifications for 2013 currently stands at approximately 580,000. This compares to approximately 438,000 foreclosure sales reported for the year to date.Click to continue

CFPB Sheds Light on Servicing Rules

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The Consumer Financial Protection Bureau (CFPB) is releasing a bulletin and interim final rule to provide greater clarity to the market concerning mortgage servicing rules that take effect in January 2014. The clarifications address communications with family members after a borrower dies, contact with delinquent borrowers, and treatment of consumers who have filed for bankruptcy or invoked certain protections under the Fair Debt Collection Practices Act.Click to continue

Freddie Mac Addresses Concerns Over Government Shutdown

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In an October 7 Single-Family Seller/Servicer Guide Bulletin, Freddie Mac issued temporary guidance to the nation's lenders to minimize disruptions to the mortgage market during the temporary federal shutdown.Click to continue

GSEs Prevent Nearly Three Million Foreclosures Since 2008

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Fannie Mae and Freddie Mac have completed more than 2.9 million foreclosure prevention actions since the start of conservatorship in 2008. These actions have helped approximately 2.4 million borrowers stay in their homes, including more than 1.4 million who received permanent loan modifications. During the first half of 2013, Fannie Mae and Freddie Mac completed more than 247,000 foreclosure prevention actions, 117,000 of these in the second quarter. The majority of these allowed troubled borrowers to save their homes.Click to continue

LPS' MSP System Fully Implemented by AmeriFirst Home Mortgage

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Lender Processing Services Inc. (LPS) has announced that AmeriFirst Home Mortgage completed the implementation of LPS' MSP, the industry's leading mortgage and consumer loan servicing platform. MSP is a single, comprehensive system used by financial institutions to manage all servicing processes, including loan boarding, payment processing and escrow administration, giving servicers a fully integrated system to meet mortgage and consumer lending servicing needs for any size portfolio.Click to continue

Office of Mortgage Settlement Oversight to Test Banks With New Servicer Standards

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Joseph A. Smith Jr., Monitor of the National Mortgage Settlement, has announced that the Office of Mortgage Settlement Oversight has issued four new metrics, or tests, to measure the banks’ compliance with the Settlement’s servicing standards. He has filed those metrics with the District Court for the District of Columbia.Click to continue

NY Attorney General Targets Wells Fargo for Non-Compliance Over National Mortgage Settlement

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New York State Attorney General Eric T. Schneiderman announced that he is suing Wells Fargo so that a federal judge will compel the bank to honor its commitments under the 2012 National Mortgage Settlement. At a press conference in New York, Attorney General Schneiderman also announced that his office has reached an agreement to suspend a similar enforcement action against Bank of America, which has agreed to implement a robust set of systemic reforms intended to ensure that the servicing standards outlined in the National Mortgage Settlement are honored across New York State.Click to continue

Permanent Loan Mods Surpass the 6.6 Million Mark Nationwide

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HOPE NOW released its July 2013 loan modification data which found that an estimated 63,000 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). The total number of loan modifications for 2013 currently stands at approximately 519,000. This compares to approximately 378,000 foreclosure sales reported for the year to date.Click to continue