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Servicing

Fay Servicing Announces Mortgage Lender Initiative

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Fay Servicing announced the launch of an initiative to create strategic partnerships with mortgage lenders to help train origination staff for a career in the servicing industry. The program provides training to hone key skills such as managing initial calls with borrowers, refining listening skills, meeting all applicable compliance requirements and conducting a Personal Budget Analysis (PBA) for borrowers.Click to continue

U.S. Foreclosure Rate Sees Two Percent Monthly Rise in September

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RealtyTrac has released its September 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 annualized pace of 5,673,249 in September, up two percent from August and up 14 percent from September 2012.Click to continue

New York Attorney General Dedicates $20 Million to Housing Counseling

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New York State Attorney General Eric T. Schneiderman has announced $20 million in grants to fund housing counseling and legal services for homeowners across the state. The award money represents the second round of a three-year, $60 million commitment made by the Attorney General’s Office to aid struggling homeowners in New York who are fighting to avoid foreclosure and remain in their homes. Throughout New York State, 34 legal services organizations and 54 housing counseling agencies will receive funds to provide free foreclosure prevention services.Click to continue

National MI Integrates With LPS

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National MI has successfully completed a systems integration with LPS’ MSP servicing platform, a leading servicing technology for the mortgage industry.Click to continue

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