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Servicing

Foreclosure Inventory Drops by More Than 30 Percent Year-Over-Year in December

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CoreLogic has released its December National Foreclosure Report, which provides data on completed U.S. foreclosures and the national foreclosure inventory. According to CoreLogic, there were 620,111 completed foreclosures across the country in 2013 compared to 820,498 in 2012, a decrease of 24 percent. For the month of December, there were 45,000 completed foreclosures, down from 52,000 in December 2012, a year-over-year decrease of 14 percent. On a month-over-month basis, completed foreclosures decreased 4.1 percent, from 47,000 reported in November 2013.Click to continue

Loans Mods See 12 Percent Drop in November While Foreclosures Overall See 20 Percent Decline

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HOPE NOW has released its November 2013 loan modification data where an estimated 44,000 homeowners received permanent, affordable loan modifications from mortgage servicers during November. This total includes modifications completed under both proprietary programs and the government’s Home Affordable Modification Program (HAMP).Click to continue

Wells Fargo to Sell MSRs to Ocwen

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Wells Fargo & Company has announced that its subsidiary, Wells Fargo Bank, NA, has signed an agreement with Ocwen Loan Servicing LLC for the sale of residential mortgage servicing rights (MSRs) on a portfolio consisting of approximately 184,000 loans with a total principal balance of $39 billion, or approximately two percent of Wells Fargo’s total residential servicing portfolio as of the end of fourth quarter 2013.Click to continue

Citi to Cut Nearly 1,000 Mortgage Servicing Staff

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Citi is in the process of shuttering sections of its mortgage servicing unit, with layoffs totaling around 950 employees. These layoffs are due predominantly to Fannie Mae loan sales being expedited to an independent company that specializes in high-risk, delinquent loans to service the mortgages that Citi was apparently responsible for. Loans are going to be transferred to Fannie Mae during the first quarter of 2014, numbering around 64,000 residential mortgage loans.Click to continue

Foreclosure Totals Down 26 Percent Year-Over-Year in 2013

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RealtyTrac has released its Year-End 2013 U.S. Foreclosure Market Report, which shows foreclosure filings—default notices, scheduled auctions and bank repossessions—were reported on 1,361,795 U.S. properties in 2013, down 26 percent from 2012 and down 53 percent from the peak of 2.9 million properties with foreclosure filings in 2010. The 1.4 million total properties with foreclosure filings in 2013 was the lowest annual total since 2007, when there were 1.3 million properties with foreclosure filings.Click to continue

Citi Announces Planned Sale of Fannie Mae MSRs

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Citi has announced it has signed a definitive agreement for the sale of Mortgage Servicing Rights (MSRs) for approximately 64,000 Fannie Mae residential first mortgage loans. The MSRs primarily reside in Citi Holdings and are tied to Fannie Mae loans with outstanding unpaid principal balances of approximately $10.3 billion.Click to continue

Nine Million-Plus U.S. Homes Deeply Underwater

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RealtyTrac released its U.S. Home Equity & Underwater Report for December 2013, which shows that 9.3 million U.S. residential properties were deeply underwater — worth at least 25 percent less than the combined loans secured by the property — representing 19 percent of all properties with a mortgage in December.Click to continue

Lenders Compliance Group Announces Launch of Risk Management Firm for Servicers

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Lenders Compliance Group Inc. (LCG), a nationwide risk management firm, has announced the launch of Servicers Compliance Group Inc. (SCG), a full-service mortgage risk management firm specializing exclusively in outsourced mortgage servicing compliance and offering a full suite of support services to servicers and subservicers.Click to continue

Shadow Inventory Down to 1.7 Million Homes Nationwide

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CoreLogic released its November National Foreclosure Report with a supplement featuring quarterly shadow inventory data as of October 2013.

According to CoreLogic analysis:

►There were 46,000 completed foreclosures in the United States in November 2013, down from 64,000 in November 2012, a year-over-year decrease of 29 percent. On a month-over-month basis, completed foreclosures decreased 8.3 percent, from 50,000 in October 2013.Click to continue

Fitch: CFPB's QM Rule to Cause Issues for Servicers

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Smaller U.S. residential mortgage servicers will be challenged by the increased costs of new servicing requirements as they seek to opportunistically grow through strategic acquisitions, according to Fitch Ratings. The new requirements, issued by the Consumer Financial Protection Bureau (CFPB), go into effect this Friday, Jan. 10.Click to continue