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Servicing

Servicers Still Not Living Up to Monitor's Mandates

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Joseph A. Smith Jr., Monitor of the National Mortgage Settlement (NMS), has released a summary of five compliance reports he filed with the U.S. District Court for the District of Columbia.Click to continue

Overall Foreclosure Activity Down Nearly 25 Percent

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Overall U.S. foreclosure activity is down 23 percent year-to-date through October 2013, but foreclosure activity on homes in the $5 million-plus value range is up 61 percent from the same time period in 2012.

The number of these ultra high-end properties with a foreclosure notice in 2013 is relatively miniscule — fewer than 200 compared to 1.2 million total properties in all value ranges with foreclosure notices this year — but each of these high-value homes represents a much bigger potential loss for the foreclosing lender compared to a median priced home.Click to continue

Growing Your Real Estate Agent Relationships, Grow Your Mortgage Business Part IV: Consider Forming an MSA With Select Realty Offices

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It's probably easier to build on an existing relationship that is already providing business, but would probably bring in more through a Marketing Services Agreement (MSA). The marketing agreement could help firm up that relationship. Consider this option carefully, though: If you are already receiving volume from this account, why should you start paying for business you are already pulling in? And if your loan originator is good, they should know how to build business from established relationships.Click to continue

PHH and Matrix Enter Into Agreement Over MSRs

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PHH Corporation announced that its subsidiary, PHH Mortgage Corporation and Matrix Financial Services Corporation, a subsidiary of Two Harbors Investment Corp., have entered into a flow sale agreement for the purchase and sale of mortgage servicing rights (MSRs). Under the flow sale agreement, PHH Mortgage may sell to Matrix the MSRs on 50 percent or more of PHH Mortgage's newly-originated residential mortgage loans that are eligible for sale, subject to the parties' mutual agreement on quarterly pricing for the MSRs.Click to continue

Foreclosures Dip 39 Percent Year-Over-Year in September

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CoreLogic has released its September National Foreclosure Report which provides data on completed U.S. foreclosures and the national foreclosure inventory finding that in September, there were 51,000 completed foreclosures in the U.S., down from 84,000 in September 2012, a year-over-year decrease of 39 percent. On a month-over-month basis, completed foreclosures were virtually unchanged, decreasing 0.7 percent, from 51,000 reported in August.Click to continue

New LPS Offering Assists Servicers With CFPB Compliance

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Lender Processing Services Inc. (LPS) has announced the launch of its Error Resolution Tracking solution, a tool designed to assist mortgage servicers in meeting new Consumer Financial Protection Bureau (CFPB) requirements for recording, tracking and responding to consumer complaints regarding possible errors with their loans. LPS can quickly implement Error Resolution Tracking to help servicers meet the CFPB's compliance deadline of Jan. 10, 2014.Click to continue

Seven Busted in NY Loan Mod Scheme

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Preet Bharara, the United States Attorney for the Southern District of New York; Christy Romero, the Special Inspector General for the Troubled Asset Relief Program (SIGTARP); and George Venizelos, the Assistant Director in Charge of the New York Office of the Federal Bureau of Investigation (FBI), announced the unsealing of an indictment in Manhattan federal court charging Guy Samuel, the co-owner of a company that purported to provide mortgage modification services, and four former employees of the company, Anthony Blackwell, Angel Gonzalez, Jonathan Lyons, and Aren Goldfaden, for their aClick to continue

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