Subscribe to the print edition of National Mortgage Professional MagazineSubscribe to our RSS feedFollow us on TwitterGet daily updates via emailJoin us on Facebook

loan modifications

Nearly 40,000 U.S. Homeowners Granted Permanent Loan Mods in May

Foreclosed Home Sign

HOPE NOW has released its May 2014 loan modification data, finding that an estimated 37,000 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).Click to continue

CFPB Offers Clarification on Heirs Losing Homes

Keys_to_Homeownership/Credit: Creatas Images

The Consumer Financial Protection Bureau (CFPB) is issuing an interpretive rule to clarify that when a borrower dies, the name of the borrower’s heir generally may be added to the mortgage without triggering the Bureau’s Ability-to-Repay (ATR) rule. This clarification will help surviving family members who acquire title to a property to take over their loved one’s mortgage, and to be considered for a loan workout, if necessary, to keep their home.Click to continue

Seven Million-Plus U.S. Homeowners Granted Loan Mods Through April

Foreclosed Home Sign

HOPE NOW has released its April 2014 loan modification data, finding that 7.02 million American homeowners have received a loan modifications since the first data report was released in 2007. This total includes modifications completed under both proprietary programs and the government’s Home Affordable Modification Program (HAMP).

Approximately 5.65 million homeowners have received proprietary loan modifications since 2007 and 1,364,674 homeowners have received HAMP modifications (Note: HAMP reporting began in 2009).Click to continue

New Yorker Sentenced to Nine Years in Loan Mod Scheme

Handcuffs_Prison_Pic

Christy Romero, Special Inspector General for the Troubled Asset Relief Program (SIGTARP), and Preet Bharara, U.S. Attorney for the Southern District of New York, announced that Isaak Khafizov, a former owner of American Home Recovery (AHR), a mortgage loan modification business that operated in New York, was sentenced in Manhattan federal court to nine years in federal prison in connection with a scheme to defraud hundreds of struggling homeowners and their lenders.Click to continue

Fitch: Bank of America Sees Credit Role Improved After NY State Supreme Court Decision

Bank_of_America_Building

The decision by a New York State Supreme Court judge to approve the terms of a settlement between private-label mortgage securitization investors and Bank of America (BofA) is positive for the bank's credit profile, if not successfully appealed with respect to loan modifications, according to Fitch Ratings. The settlement removes a substantial source of uncertainty from BAC's remaining contingent liabilities, though future appeals are possible.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

GSEs Prevent Three Million-Plus Foreclosures Since September 2008

Foreclosure Notice Pic

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

Nearly 70,000 Homeonwners Receive Loan Mods in August

Foreclosed_Home_Red_Pic

HOPE NOW has released its August 2013 loan modification data, finding an estimated 67,000 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). The total number of loan modifications for 2013 currently stands at approximately 580,000. This compares to approximately 438,000 foreclosure sales reported for the year to date.Click to continue

GSEs Prevent Nearly Three Million Foreclosures Since 2008

Foreclosed_Home_Pic

Fannie Mae and Freddie Mac have completed more than 2.9 million foreclosure prevention actions since the start of conservatorship in 2008. These actions have helped approximately 2.4 million borrowers stay in their homes, including more than 1.4 million who received permanent loan modifications. During the first half of 2013, Fannie Mae and Freddie Mac completed more than 247,000 foreclosure prevention actions, 117,000 of these in the second quarter. The majority of these allowed troubled borrowers to save their homes.Click to continue