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Settlement Services

LenderLive Names Larry Hudnall SVP of Settlement Services

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LenderLive Network Inc. announced that Larry Hudnall has joined the firm as senior vice president, national sales manager of the company’s Settlement Services Sivision. Hudnall will be responsible for sales, sales management and revenue growth for LenderLive’s Settlement Services division. He will report directly to Joe Mowery, president of the division.Click to continue

Foreclosues For Month of June Down, Year Over Year

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CoreLogic has released its June National Foreclosure Report, which provides data on completed U.S. foreclosures and foreclosure inventory. According to CoreLogic, for the month of June 2014, there were 49,000 completed foreclosures nationally, down from 54,000 in June 2013, a year-over-year decrease of 9.9 percent. On a month-over-month basis, completed foreclosures were up by 2.7 percent from the 48,000 reported in May 2014.Click to continue

SIGTARP Busts Bogus California Loan Mod Biz

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The Office of the Special Inspector General for the Troubled Asset Relief Program (SIGTARP) has announced that federal agents arrested three defendants who worked at Orange County, Calif., businesses that allegedly offered bogus loan modification programs to financially distressed homeowners. As a result of the fraudulent scheme allegedly run as U.S. Homeowners Relief and several related entities, hundreds of financially distressed homeowners across the United States lost millions of dollars, and many victims also lost their homes in subsequent foreclosure proceedings.Click to continue

More Than Nine Million U.S. Properties Remain Seriously Underwater in Q2

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RealtyTrac has released its U.S. Home Equity & Underwater Report for the second quarter of 2014, which shows that 9.1 million U.S. residential properties were seriously underwater—where the combined loan amount secured by the property is at least 25 percent higher than the property’s estimated market value—representing 17 percent of all properties with a mortgage.Click to continue

Smith Releases Initial Report Regarding Chase RMBS Settlement

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Joseph A. Smith Jr. has released his Initial Report as Monitor of the JP Morgan Chase residential mortgage-backed securities settlement (Chase RMBS Settlement). On Nov.Click to continue

The Long and Short: The Business of Short Sales ... Two "Fixes" to Use for Past Short Sellers Who Receive a Foreclosure Code on Past Short Sale Credit

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Past short sellers who are now eligible to re-enter the housing market again are stunned to learn that their past short sale is credit coded as a foreclosure. The problem is typically seen for the first time in both Fannie Mae and Freddie Mac automated underwriting systems (AUS). Fannie Mae's Desktop Underwriter (DU)/Originator (DO) notates in the findings which account is flagged as a foreclosure.Click to continue

Combining Valuation Technology With Data Analytics Takes Appraisals to New Heights

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Most lenders understand that having a sound collateral risk program is essential component of sound credit administration and is mandated by the Dodd-Frank Act. However, there are many aspects that may be overlooked in the actual implementation. For example, reviewing appraisals and evaluations thoroughly before engaging in a loan transaction is critical exercise. This process ensures the value conclusion is reliable and enables informed credit decisions, minimal credit risk, and compliance to supervisory requirements.Click to continue

June Foreclosure Activity Hits Lowest Point Since 2006

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RealtyTrac released its Midyear 2014 U.S. Foreclosure Market Report, which shows a total of 613,874 U.S. properties with foreclosure filings—default notices, scheduled auctions and bank repossessions—in the first half of 2014, a 19 percent decrease from the previous six months and down 23 percent from the first half of 2013. The report also shows that 0.47 percent of all U.S. housing units (one in 214) had at least one foreclosure filing in the first six months of the year.Click to continue

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

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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