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Settlement Services

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

Distressed and Short Sales Comprise 16 Percent Share of Q1 Sales

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RealtyTrac has released its March and Q1 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 5,253,464 in March, an increase of 0.4 percent from February and up eight percent from a year ago. The median sales price of U.S. residential properties—including both distressed and non-distressed sales—was $164,500 in March, up one percent from February and up 10 percent from March 2013. March was the 24th consecutive month where U.S.Click to continue

Nine Million-Plus U.S. Properties Seriously Underwater in Q1

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RealtyTrac has released its U.S. Home Equity & Underwater Report for the first 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 in the first quarter.Click to continue

More Than 42,000 Permanent Loan Mods Granted in February

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HOPE NOW released its February 2014 loan modification data. An estimated 42,000 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

Monthly Foreclosure Activity Rises Four Percent in March

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RealtyTrac released its U.S. Foreclosure Market Report for March and the first quarter of 2014, which shows foreclosure filings — default notices, scheduled auctions and bank repossessions — were reported on 117,485 U.S. properties in March, a four percent increase from February but still down 23 percent from a March 2013.Click to continue

Shadow Inventory See 23 Percent Dip Nationwide YOY in January

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CoreLogic released its February 2014 National Foreclosure Report with a supplement featuring quarterly shadow inventory data as of January 2014. There were 43,000 completed foreclosures in the United States in February 2014, down from 51,000 in February 2013, a year-over-year decrease of 15 percent.Click to continue

February Foreclosure Volume Seven Percent Higher Than 2013

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RealtyTrac has released its February 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 5,083,241 in February, a 0.2 percent decrease from the previous month but still up seven percent from a year ago. February marked the fourth consecutive month where sales activity has decreased on a monthly basis.Click to continue

UFA Default Risk Index Rises in Q1

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The UFA Default Risk Index for the first quarter of 2014 is 114, up from the recent low of 76 four quarters ago in our baseline scenario. Under current economic conditions, investors and lenders should expect defaults on loans currently being originated to be 14 percent higher than the average of similar loans originated in the 1990s, due solely to the local and national economic environment. That’s a key finding of the latest UFA Mortgage Report by University Financial Associates of Ann Arbor, Michigan.Click to continue

New Yorker Sentenced to Nine Years in Loan Mod Scheme

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Christy Romero, Special Inspector General for the Troubled Asset Relief Program (SIGTARP), and Preet Bharara, U.S. Attorney for the Southern District of New York, announced that Isaak Khafizov, a former owner of American Home Recovery (AHR), a mortgage loan modification business that operated in New York, was sentenced in Manhattan federal court to nine years in federal prison in connection with a scheme to defraud hundreds of struggling homeowners and their lenders.Click to continue