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Home Affordable Modification Program (HAMP)

More Than 42,000 Permanent Loan Mods Granted in February

House Atop Money/Credit: Creatas

HOPE NOW released its February 2014 loan modification data. An estimated 42,000 homeowners received permanent, affordable loan modifications from mortgage servicers during the month. This total includes modifications completed under both proprietary programs and the government’s Home Affordable Modification Program (HAMP).Click to continue

BKFS: Foreclosure Sales Hit Lowest Point Since 2007

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The Data and Analytics Division of Black Knight Financial Services (BKFS) has released its latest Mortgage Monitor Report, looking at data as of the end of February 2014. The data showed that monthly mortgage originations dropped to the lowest level in at least 14 years. However, according to Herb Blecher, senior vice president of Black Knight's Data and Analytics division, real estate sales have remained relatively steady, buoyed by a substantial number of cash transactions.Click to continue

Obama Administration's Housing Scorecard Shows Bright Spots in February

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The U.S. Department of Housing & Urban Development (HUD) and the U.S. Department of the Treasury released the February edition of the Obama Administration's Housing Scorecard. The latest data show progress among key indicators. This Scorecard notes that purchases of new homes rose, foreclosure completions continued their downward trend, and house prices were stable. While there are positive trends in the housing market, officials caution that the economy is still healing from the Great Recession.Click to continue

Florida Man Sentenced for Role in Loan Mod Scheme

Black Gavel Pic/Credit: Brand X Pictures

A Florida man was sentenced to 12 months and one day in federal prison for defrauding thousands of homeowners in a $4 million nationwide home loan modification scheme. Special Inspector General for the Troubled Asset Relief Program (SIGTARP) Christy Romero, Acting Assistant Attorney General Mythili Raman of the Justice Department’s Criminal Division, and U.S. Attorney Carmen M. Ortiz of the District of Massachusetts made the announcement.Click to continue

Two Floridians Sentenced in $4 Million Loan Mod Scheme

Black Gavel Pic/Credit: Brand X Pictures

Two Florida men were sentenced to serve 84 months in federal prison for defrauding thousands of homeowners in a $4 million nationwide home loan modification scheme. Special Inspector General for the Troubled Asset Relief Program (SIGTARP) Christy Romero, Acting Assistant Attorney General Mythili Raman of the Justice Department’s Criminal Division, and U.S. Attorney Carmen M. Ortiz of the District of Massachusetts made the announcement.Click to continue

Nearly 770,000 Homeowners Granted Loan Mods in 2013

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HOPE NOW released its final 2013 loan modification data, which shows that approximately 768,000 homeowners received permanent, affordable loan modifications from mortgage servicers in 2013. The reported data for December shows that, for the year, mortgage servicers completed approximately 592,843 proprietary loan modifications for homeowners and 175,076 Home Affordable Modification Program (HAMP) modifications (as reported by US Treasury Department). December data also showed approximately 281,000 short sales completed for the year.Click to continue

U.S. Homeowner Equity Up $3.4 Trillion Since the Beginning of 2012

For Sale/Credit: Stockbyte

The U.S. Department of Housing & Urban Development (HUD) and the U.S. Department of the Treasury released the January edition of the Obama Administration's Housing Scorecard—a comprehensive report on the nation’s housing market. The latest data show progress among key indicators. In 2013, home sales had their strongest performance in several years, foreclosure starts were at their lowest annual level since 2005 and homeowners’ equity is up $3.4 trillion since the beginning of 2012.Click to continue

Loans Mods See 12 Percent Drop in November While Foreclosures Overall See 20 Percent Decline

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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

HOPE NOW Alliance Now Offering Pre-Populated 4506-T Forms

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Several mortgage servicing members of the HOPE NOW Alliance have reached an agreement to offer pre-populated IRS 4506-T forms as part of their mortgage solutions application process. The 4506-T, also known as a "Request for Tax Transcript" form, gives a third-party permission for verification of income reported to the IRS for one to two years prior to the request. A signed and completed Form 4506-T is required on all mortgage applications per a directive from the U.S. Department of the Treasury for all Home Affordable Modification Program (HAMP) loan modifications.Click to continue

GSEs Prevent Three Million-Plus Foreclosures Since September 2008

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The Federal Housing Finance Agency (FHFA) has announced that Fannie Mae and Freddie Mac have reached a significant milestone, completing more than three million foreclosure prevention actions since the start of conservatorship in September 2008. FHFA noted this milestone in its third quarter Foreclosure Prevention Report (also known as the Federal Property Manager’s Report), which details results of foreclosure prevention programs.Click to continue