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Settlement Services

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


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

Citi Agrees to Shell Out $7 Billion for Bad RMBS

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Citigroup has announced that they’ve agreed to pay around $7 billion to the U.S. government regarding bad mortgage-backed securities (MBS), with $4.5 billion to be paid in cash with an additional $2.5 billion paid in “consumer relief.” Even with Citigroup’s shares rising 3.6 percent in the second quarter, this news is still devastating to Citi's Q2 Click to continue

Employment and Income Verifications Now Available Via SharperLending


Equifax Inc. has announced that SharperLending LLC is now offering employment and income verifications through Equifax's The Work Number for customers using its SharperLending Settlement Services platform.Click to continue

CoreLogic: Foreclosures Drop 9.4 Percent Year-Over-Year in May


CoreLogic has released its May National Foreclosure Report, which provides data on completed U.S. foreclosures and foreclosure inventory. According to CoreLogic, for the month of May 2014, there were 47,000 completed foreclosures nationally, down from 52,000 in May 2013, a year-over-year decrease of 9.4 percent. On a month-over-month basis, completed foreclosures were up by 3.8 percent from the 45,000 reported in April 2014.Click to continue

SafeSend Now Free for Those in Settlement Services Industry


NextDeal (formerly Digital a developer of Software as a Service (SaaS) solutions designed to assist settlement agents to grow their revenue, is making its encryption software, SafeSend, available to the settlement services industry at no cost.

SafeSend is an encryption email platform touted for its ease-of-use. The system can stand alone or integrate with Microsoft Outlook.Click to continue

A Reversal of Fortune: Foreclosure Starts Rise by 9.5 Percent in May


The data and analytics division of Black Knight Financial Services has released its latest Mortgage Monitor Report, looking at data as of the end of May 2014. An analysis of the month’s mortgage performance data showed that—in a reversal of an eight-month trend—foreclosure starts increased by 9.5 percent in May. However, as Kostya Gradushy, Black Knight’s manager of Loan Data and Customer Analytics points out, this increase must be seen in the proper context.Click to continue

NY AG Announces New Plan to Aid in Foreclosure Prevention


New York State Attorney General Eric T. Schneiderman has announced the launch of the New York State Mortgage Assistance Program (NYS MAP), a plan designed to provide small loans to families struggling to avoid foreclosure. The loans will assist families in securing loan modifications and result in more families staying in their homes.Click to continue