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Grassroots Campaign Underway to Put HARP 3.0 on the Radar


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


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

Refis/Copyright: Getty Images/Credit: Jupiterimages

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

Foreclosure/B&W Definition

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

Home Flipping Up 16 Percent Year-Over-Over in 2013


RealtyTrac has released its Year-End and Q4 2013 Home Flipping Report, which shows 156,862 single family home flips—where a home is purchased and subsequently sold again within six months—in 2013, up 16 percent from 2012 and up 114 percent from 2011. Homes flipped in 2013 accounted for 4.6 percent of all U.S. single family home sales during the year, up from 4.2 percent in 2012 and up from 2.6 percent in 2011.Click to continue

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


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

Foreclosed Home Sign

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

Handshake/Copyright: Getty Images, Credit: Jupiterimages

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


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