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Servicing

Flagstar to Begin Outsourcing Mortgage Servicing

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Flagstar Bancorp Inc. has announced its plan to shift the focus of its mortgage servicing business to performing servicing assets. Flagstar has made the decision to outsource its non-core default servicing business, which represents less than four percent of its overall servicing book, to a recognized servicer that specializes in this area. This is part of Flagstar's ongoing strategy to deliver improving performance while maintaining its commitment to its national mortgage business and community banking in Michigan.Click to continue

Nearly 75,000 Loan Mods Granted in May

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HOPE NOW has released its May 2013 loan modification data, which found that an estimated 74,000 homeowners received permanent, affordable loan modifications from mortgage servicers during the month of May. This total includes modifications completed under both proprietary programs and the government’s Home Affordable Modification Program (HAMP). The May 2013 total of approximately 74,000 loan modifications brings the total number of permanent loan modifications to 6.47 million.

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DOCFCU Partners With LenderLive on Doc Management and Servicing

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After searching for a partner with flexibility and expertise in the mortgage industry, the Department of Commerce Federal Credit Union (DOCFCU) has selected LenderLive Network Inc. to service loans and manage document services. The DOCFCU has served members in the Washington, D.C. area since 1932 and currently has more than 15,000 members. The credit union, which has offered mortgages since (date), considered more than 15 providers before selecting LenderLive.Click to continue

Remainder of Mortgage Servicing Settlement Checks to be Issued This Summer

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Nearly 2.9 million checks, totaling more than $2.5 billion, related to the Independent Foreclosure Review (IFR) Payment Agreement have been cashed or deposited through July 11, 2013. More than 3.9 million checks, worth more than $3.4 billion, have been sent to eligible borrowers, since payments began on April 12. The remaining checks will be issued this summer. Click to continue

Shadow Inventory Down 18 Percent Year-Over-Year

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CoreLogic released its May National Foreclosure Report with a supplement featuring quarterly shadow inventory data as of April 2013. There were 52,000 completed foreclosures in the U.S. in May 2013, down from 71,000 in May 2012, a year-over-year decrease of 27 percent. On a month-over-month basis, completed foreclosures increased 3.5 percent, from 50,000 in April 2013 to the May level of 52,000. Current residential shadow inventory as of April 2013 was under two million units, representing a supply of 5.3 months.Click to continue

May Experiences Largest Year-to-Date Decline in Delinquencies in 11 Years

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The May Mortgage Monitor report released by Lender Processing Services Inc. (LPS) found that the national delinquency rate continued to fall in May, marking the largest year-to-date drop since 2002. Delinquencies are down more than 15 percent since the end of December 2012, coming in at 6.08 percent for the month. As LPS Applied Analytics Senior Vice President Herb Blecher explained, much of this improvement is supported by the fact that new problem loan rates are approaching the pre-crisis average.Click to continue

Citigroup Shells Out $968 Million to Fannie Mae for Faulty Loans

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Citigroup has announced an agreement with Fannie Mae to resolve potential future repurchase claims for breaches of representations and warranties on 3.7 million residential first mortgage loans sold to Fannie Mae that were originated between 2000 and 2012 (“Covered Loans”). Citi agreed to pay Fannie Mae $968 million under the agreement, substantially all of which was covered by Citi’s existing mortgage repurchase reserves as of March 31, 2013.Click to continue

GSEs Complete More Than 130,000 Foreclosure Preventative Actions in Q1

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Fannie Mae and Freddie Mac completed more than 130,000 foreclosure prevention actions during the first quarter of 2013, bringing the total foreclosure prevention actions to nearly 2.8 million since the start of conservatorship in 2008. These actions have helped more than 2.3 million borrowers stay in their homes, including nearly 1.4 million who received permanent loan modifications. The results are detailed in the Federal Housing Finance Agency’s first quarter 2013 Foreclosure Prevention Report, also known as the Federal Property Manager’s Report.Click to continue

NY AG Schneiderman to Use $20 Million From Servicing Settlement to Rebuild Neighborhods

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New York Attorney General Eric T. Schneiderman has announced that up to $20 million over two years–obtained in last year’s mortgage servicing settlement with the nation’s largest banks–will be made available to communities to rebuild and restore neighborhoods hit hard by the housing crisis. Following the collapse of the housing market, the New York State Legislature passed legislation in 2011 establishing “land banks” that could acquire vacant, abandoned, or foreclosed properties, and choose to rebuild, demolish, or redesign them.Click to continue