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Settlement Services

Report Highlights Five Percent Monthly Decrease in Foreclosure Filings

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RealtyTrac released its U.S. Foreclosure Market Report for May 2014, which shows foreclosure filings — default notices, scheduled auctions and bank repossessions — were reported on 109,824 U.S. properties in May, a five percent decrease from the previous month and a 26 percent decrease from May 2013 to the lowest monthly level since December 2006. The report also shows one in every 1,199 U.S. housing units with a foreclosure filing during the month.Click to continue

More Than 300,000 Homes Make Return to Positive Equity in Q1

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CoreLogic released new analysis showing more than 300,000 homes returned to positive equity in the first quarter of 2014, bringing the total number of mortgaged residential properties with equity to more than 43 million. The CoreLogic analysis indicates that approximately 6.3 million homes, or 12.7 percent of all residential properties with a mortgage, were still in negative equity as of Q1 2014 compared to 6.6 million homes, or 13.4 percent for Q4 2013.Click to continue

Transferring Appraisals: Helping Lenders and Brokers Understand How Standards and Rules Intersect

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Although appraisers and lenders work closely together, the Appraisal Institute believes that there is still some confusion in the marketplace over when, if and how appraisals can be transferred.Click to continue

April Residential Property Sales Increase Four Percent Over Last Year

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RealtyTrac released its April 2014 Residential & Foreclosure Sales Report, which shows that U.S. residential properties, including single family homes, condominiums and townhomes, sold at an estimated annual pace of 5,213,793 in April, a decrease of less than one percent from March but an increase of four percent from April 2014.Click to continue

Foreclosures Decline Nearly 20 Percent Year-Over-Year in April

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CoreLogic released its April National Foreclosure Report, which provides data on completed U.S. foreclosures and foreclosure inventory. According to CoreLogic, for the month of April 2014, there were 46,000 completed foreclosures nationally, down from 56,000 in April 2013, a year-over-year decrease of 18 percent. On a month-over-month basis, completed foreclosures were down slightly, by 0.4 percent, from the 47,000 reported in March 2014.Click to continue

HUD Announces $40 Million in Grants for Foreclosure Prevention Counseling

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The U.S. Department of Housing & Urban Development (HUD) awarded more than $40 million in grants to hundreds of national, regional and local organizations to help families and individuals with their housing needs and to prevent future foreclosures. HUD’s housing counseling grants, and the additional funding they help to leverage, will assist more than 1.5 million households find housing, make more informed housing choices, or keep their current homes.Click to continue

NY Attorney General Takes Measures to Combat Zombie Foreclosure Epidemic

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New York State Attorney General Eric T. Schneiderman has launched a statewide effort to encourage the State Legislature to pass the Abandoned Property Neighborhood Relief Act he proposed earlier this year. As part of the effort, New York City Councilmember Ritchie Torres announced that he will introduce a council resolution encouraging the legislature to pass the bill. Attorney General Schneiderman also announced that the city councils of Albany, Poughkeepsie, Elmira, Beacon, Jamestown and Hornell are scheduled to pass resolutions on Monday urging passage of the bill.Click to continue

Q1 Delinquency Rate Hits Lowest Point in Seven Years

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The delinquency rate for mortgage loans on one- to-four-unit residential properties decreased to a seasonally adjusted rate of 6.11 percent of all loans outstanding at the end of the first quarter of 2014, the lowest level since the fourth quarter of 2007. The delinquency rate decreased 28 basis points from the previous quarter, and 114 basis points from one year ago, according to the Mortgage Bankers Association’s (MBA) National Delinquency Survey.Click to continue

Latest Monitor Report Shows Green Tree Lacking in Servicing Settlement Compliance

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Joseph A. Smith Jr., Monitor of the National Mortgage Settlement (NMS), has released a summary of six compliance reports he filed with the U.S. District Court for the District of Columbia. This summary details the results of his tests to determine Bank of America, Chase, Citi, Ocwen and Wells Fargo’s compliance with the NMS servicing rules from July 1, 2013 to Dec. 31 2013. This report also contains the test results for Green Tree from Oct. 1, 2013 to Dec. 31, 2013.Click to continue

Nationwide Foreclosure Rate Drops 10 Percent Year-Over-Year in March

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CoreLogic has released its March National Foreclosure Report, which provides data on completed U.S. foreclosures and foreclosure inventory. According to CoreLogic, for the month of March 2014, there were 48,000 completed foreclosures nationally, down from 53,000 in March 2013, a year-over-year decrease of 10 percent. On a month-over-month basis, completed foreclosures were up 5.9 percent from the 45,000 reported in February 2014. As a basis of comparison, before the decline in the housing market in 2007, completed foreclosures averaged 21,000 per month nationwide between 2000 and 2006.Click to continue