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Settlement Services

Permanent Loan Mods Hit 109,000 in Q3

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HOPE NOW has released its third quarter 2014 data, showing that approximately 468,000 homeowners received non-foreclosure solutions from mortgage servicers in July, August and September. Permanent loan modifications totaled approximately 109,000 and short sales totaled 30,000. Other solutions (including repayment plans, deeds in lieu, other retention plans and liquidation plans) made up the rest of the total number.Click to continue

Defining a Settlement Service Provider

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Question: We continually hear about the importance of the “Settlement Service Provider” in originating residential mortgage loans. But it seems sometimes that almost everybody involved in a loan transaction is such a company. Is there a list that we can go by to determine who is and who is not a Settlement Service Provider?Click to continue

Foreclosures Down 16 Percent Year-Over-Year in Q3

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RealtyTrac has released its U.S. Foreclosure Market Report for September and the third quarter of 2014, which shows foreclosure filings—default notices, scheduled auctions and bank repossessions— were reported on 317,171 U.S.Click to continue

More Than 40,000 Permanent Loan Mods Reportedly Granted in August

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HOPE NOW has released its August 2014 loan modification data, which found that an estimated 40,000 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

CoreLogic Reports 45,000 Completed Foreclosures in August

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CoreLogic has released its August National Foreclosure Report, which provides data on completed U.S. foreclosures and foreclosure inventory, which found that there were 45,000 completed foreclosures nationally, down from 58,000 in August 2013, a year-over-year decrease of 22.2 percent.Click to continue

Kansas Man Sentenced for HARP Fraud

Cherry Red Gavel/Credit: Comstock

Christy Romero, Special Inspector General for the Troubled Asset Relief Program (SIGTARP), and Barry R. Grissom, U.S. Attorney for the District of Kansas, have announced that Eduardo Garcia Sabag, a Mexican national residing in Wichita, Kan., was sentenced for one count of making false bank entries, reports, and transactions for using a Social Security Number that was not his own to obtain a mortgage loan modification through the Home Affordable Modification Program (HAMP), the TARP-funded housing support program.Click to continue