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Nationwide Servicer Settlement Leads to Near 10 Percent Decline in Foreclosures


The November Mortgage Monitor report, released by Lender Processing Services Inc. (LPS), shows the national foreclosure inventory dropped to 3.51 percent in November, representing an almost 10 percent decline from September 2012, when newly instituted National Mortgage Settlement requirements began to influence the pace of first-time foreclosure starts. LPS expects foreclosure starts to rebound as mortgage servicers incorporate the new procedural requirements into their operations in the coming months.Click to continue

Ten Servicers to Shell Out $8.5 Billion-Plus for Deficient Practices

House Cash/Copyright: Getty Images/Credit: Jupiterimages

Ten mortgage servicing companies subject to enforcement actions for deficient practices in mortgage loan servicing and foreclosure processing have reached an agreement in principle with the Office of the Comptroller of the Currency (OCC) and the Federal Reserve Board to pay more than $8.5 billion in cash payments and other assistance to help borrowers. The sum includes $3.3 billion in direct payments to eligible borrowers and $5.2 billion in other assistance, such as loan modifications and forgiveness of deficiency judgments.Click to continue

National Foreclosure Inventory Drops 18 Percent

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CoreLogic has released its National Foreclosure Report, which provides data on completed U.S. foreclosures and the overall foreclosure inventory. According to CoreLogic, there were 55,000 completed foreclosures in the U.S. in November 2012, down from 72,000 in November 2011, a year-over-year decrease of 23 percent. On a month-over-month basis, completed foreclosures fell from 59,000 in October 2012 to the current 55,000, a decrease of six percent.Click to continue

Shadow Inventory Forecast as Manageable in 2013

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CoreLogic has reported that the current residential shadow inventory as of October 2012 fell to 2.3 million units, representing a supply of seven months.Click to continue

The Importance of Local Leadership

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Another election has come and gone. Barack Obama has remained as the 44th President of the United States of America. On a national level, there is much work to be done. Our society is a tug-of-war between opposing and evolving values. Our economy hangs in the balance between progress and utter disaster. The development of our society and economy over the next four years will determine the true caliber of leadership that exists in our most recently elected president.Click to continue

Strong November Housing Performance Threatened by Fiscal Cliff


For most measures of housing performance, November was another positive month, according to the monthly Property Intelligence Report (PIR) from DataQuick, a provider of real estate information solutions powered by data, analytics and decisioning. “While there is evidence that a recovery in housing is underway nationally, the strength of the housing market varies across the country,” said Gordon Crawford, Ph.D., vice president of analytics for DataQuick.Click to continue

Slight Increase Seen in Nationwide November Delinquencies

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Lender Processing Services Inc. (LPS) has reported the following "first look" at November 2012 month-end mortgage performance statistics derived from its loan-level database representing approximately 70 percent of the overall market.

►Total U.S. loan delinquency rate (loans 30 or more days past due, but not in foreclosure): 7.12 percent

►Month-over-month change in delinquency rate: 1.19 percent

►Year-over-year change in delinquency rate: -9.06 percent

►Total U.S. foreclosure pre-sale inventory rate: 3.51 percentClick to continue

Existing-Home Sales Continue to Improvement in November

House Keys/Credit: Digital Vision

Existing-home sales continued to improve in November with low inventory supply pressuring home prices, according to the National Association of Realtors (NAR). Total existing-home sales, which are completed transactions that include single-family homes, townhomes, condominiums and co-ops, rose 5.9 percent to a seasonally adjusted annual rate of 5.04 million in November from a downwardly revised 4.76 million in October, and are 14.5 percent higher than the 4.40 million-unit pace in November 2011.Click to continue

Foreclosure Rate in 100 Largest U.S. Metro Areas Nears All-Time Benchmark


The team—the Local Initiatives Support Corporation (LISC), Urban Institute and the Center for Housing Policy—has released the newest data on and analysis of seriously delinquent mortgages for all 366 U.S. metro areas from September 2012, finding that the foreclosure rate for the 100 largest U.S. metro areas stands at six percent, barely budging from the last two quarters’ all-time high of 6.1 percent. The foreclosure rate has been steadily growing since we began tracking it in March 2009.Click to continue

Indiana Attorney General Cracks Down on Foreclosure Rescue Firms

Black Gavel Pic/Credit: Brand X Pictures

Two foreclosure consultant companies face state lawsuits after taking more than $2,600 from local homeowners and not providing services or refunds. Nevada-based Blue Chip Group Inc. and California-based Certified Legal Processing and Legal Preparation Services were illegally operating in Indiana when each company entered into contracts with homeowners.Click to continue