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defaults

Jay Jacobs Named SVP of ServiceLink's Default Abstract Solutions Group

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ServiceLink has announced that Jay Jacobs has joined the firm as senior vice president of Default Abstract Solutions. Jay will be responsible for the management and oversight of ServiceLink's Default Abstract Solutions center which is located in Irving, Texas. This center will provide title operations and support services for products specifically tailored to support the loss mitigation, default and real estate-owned (REO) efforts of servicers, banks and attorney firms.Click to continue

CoreLogic Launches New Appraisal Risk Product

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CoreLogic, a provider of information, analytics and business services, has announced the LoanSafe Appraisal Manager is now available to lenders, investors and appraisal management companies (AMCs) that require a more complete and accurate view of appraisal risk.Click to continue

Fitch Predicts Half of All Prime Mortgages Will be Underwater

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The sputtering U.S. housing market will result in more prime borrowers being pushed further underwater on their mortgages, according to Fitch Ratings in a new report. Recent analysis by Fitch shows that more than 30 percent of all prime borrowers in private-label securitizations are currently in a negative equity position on their mortgages.Click to continue

Housing Scorecard Shows HAMP Modified Loans Saving Borrowers an Average of $525 Monthly

House Atop Money/Credit: Creatas

The U.S. Department of Housing & Urban Development (HUD) and the U.S. Department of the Treasury have released the September edition of the Obama Administration's Housing Scorecard. The latest housing data indicates continued mixed signals, as home prices improved for the fourth consecutive month, but showed continued strain from foreclosures and distressed sales. Also, mortgage defaults and foreclosure completions continued a downward trend as more homeowners were able to secure mortgage relief.Click to continue

Brandy Sams to Lead WFG National Title's Default Services Division

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Brandy Sams has joined WFG National Title Insurance Company (WFG National Title) as the director of its default services division. The Williston Financial Group family of title insurers is currently licensed and operating in 40 jurisdictions nationwide. The company is a provider of title insurance and real estate settlement services for lender, commercial and residential transactions nationwide.Click to continue

National Foreclosure Rate on the Rise in August, But Down 1/3 Since 2010

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RealtyTrac has released its U.S. Foreclosure Market Report for August 2011, which shows foreclosure filings—default notices, scheduled auctions and bank repossessions—were reported on 228,098 U.S. properties in August, a seven percent increase from July 2011's totals, but still down nearly 33 percent from the number of August 2010. The report also shows one in every 570 U.S. housing units with a foreclosure filing during the month of August.Click to continue

LPS Releases New AVM and BPO Product

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Lender Processing Services Inc. (LPS), a provider of integrated technology, data and analytics to the mortgage and real estate industries, has announced that its LPS Applied Analytics division has released a new product to provide default servicers with an alternative to broker price opinions (BPOs) for evaluating residential real estate in their portfolios. LPS' Distressed Asset Review will combine the accuracy and consistency of an automated valuation model (AVM) with property condition information.Click to continue

Commerce Velocity Upgrade Maintains GSE Compliance

QC_Family/Credit: Goodshoot

Commerce Velocity, a member of the Fidelity National Financial (FNF) family of companies and a provider of default technology has enhanced their Optimizer solution to help achieve the new requirements for Fannie Mae's Quality Right Party Contact (QRPC) initiative. The new enhancements are designed to arm servicers with technology to document, as required by QRPC, the varied forms of communication to the borrower regarding the resolution of their delinquent mortgage.Click to continue

Report Warns of a GSE-Free Secondary Market

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A new report released by the Aite Group examines the home loan market from the perspective of regulated financial institutions—namely banks and credit unions. It analyzes the value proposition of the government-sponsored enterprises (GSEs), Fannie Mae and Freddie Mac, explores the existing home mortgage portfolio and bond market, considers alternatives to existing structural and regulatory environments, and presents recommendations to lenders and vendors alike.Click to continue

Revamped Ginnie Mae Buyout Policy to Enhance Loan Mod Performance

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Ginnie Mae has announced that it is expanding the parameters regarding loans eligible for repurchase from Ginnie Mae Mortgage-Backed Securities (MBS). Under the new policy, any modified loan may be repurchased after successfully completing a three-month trial payment period, if a trial period is required. This change aligns Ginnie Mae’s repurchase policy for the Federal Housing Administration (FHA) non-Home Affordable Modification Program (HAMP) high-risk loans with the current policy for FHA-HAMP loans.Click to continue