Subscribe to the print edition of National Mortgage Professional MagazineSubscribe to our RSS feedFollow us on TwitterGet daily updates via emailJoin us on Facebook

Settlement Services

HUD Announces $40 Million in Grants for Foreclosure Prevention Counseling

HUD Logo

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

Foreclosed_Home_Red_Pic

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

Mortgage Deed Pic/Credit: Stockbyte

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

Settlement_Board_Logo_08_27_12

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

Foreclosure Dictionary Pic

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

Short_Sale_For_Sale_Pic

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

Underwater_Home_Pic_04_03_14

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

House Atop Money/Credit: Creatas

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

Foreclosure for Sale

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

Underwater_Home_Pic_04_03_14

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