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
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 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
NextDeal (formerly Digital Docs.net) 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
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
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
Fannie Mae and Freddie Mac have completed nearly 3.2 million foreclosure prevention actions since the start of the conservatorships in 2008, with approximately 88,800 actions occurring in the first quarter. These measures have helped more than 2.6 million borrowers stay in their homes, including 1.6 million who received permanent loan modifications.Click to continue
RealtyTrac has released its May 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 5,147,550 in May, virtually unchanged from April and an increase of less than one percent from May 2013.Click to continue
The Federal Housing Finance Agency (FHFA) announced it is taking new steps to reach homeowners who could benefit from the Home Affordable Refinance Program (HARP). FHFA Director Mel Watt will join housing experts and community leaders in a town hall-style meeting at the Woodson Regional Library in Chicago on July 8 to discuss the benefits of HARP and encourage the approximately 36,000 Chicago residents still eligible to participate in the program. These borrowers could save $2,000-$3,000 annually by refinancing their mortgage.Click to continue
Question: What documentation is required after the appraisal is completed and the subject property is located in a disaster area?
With hurricane season and wild fires in full swing, the question is common to all agency types of loans: FHA, VA, Conventional, and USDA. Such natural disasters include, but are not limited to, hurricanes, mud slides, rising waters/flooding, wild fires, tornadoes, et cetera.Click to continue