Citing concerns about increased mortgage fraud, four organizations representing more than 35,000 real estate appraisers voiced their opposition to changes to an Obama administration program that will encourage short sales of homes. The coalition was led by the Appraisal Institute, the nation’s largest organization of real estate appraisers.Read more

The U.S. Department of the Treasury and the U.S. Department of Housing &Urban Development (HUD) have released January data for the Administration's Home Affordable Modification Program (HAMP), demonstrating that the number of homeowners receiving immediate relief and converting to permanent modifications continues to rise. More than 116,000 homeowners now have permanent modifications, nearly doubling the number from December, which also marked record progress. An additional 76,000 permanent modifications have been offered, and are waiting only for the borrower's signature.Read more

As part of the Administration's ongoing housing market stabilization plan, the U.S. Department of the Treasury and the U.S. Department of Housing & Urban Development (HUD) have released updated guidance for servicers participating in the Administration's mortgage modification program. This guidance refines the documentation requirements in order to expedite conversions of current trial modifications to permanent ones.Read more

A group of state attorneys general and banking regulators predict a devastating acceleration of foreclosures unless policy makers step up efforts to assist homeowners. The State Foreclosure Prevention Working Group has issued a report that cited disturbing trends including a rising tide of delinquent mortgages outpacing servicer outreach and loss-mitigation efforts. The report also offered recommendations for action.Read more

Advanced Real Estate Systems (ARES) has created Foreclosure Guard, a new tool for real estate professionals and investors who are working with clients to complete short sales and mortgage loan modifications. “I’ve been working in the default market since 1989 as an investor, real estate broker, consultant, and most recently as a speaker recognized by the National Association of Realtors,” explains Phil Tesoriero, co-creator of Foreclosure Guard, “I‘ve taught that the short sale proposal is a necessary and painstaking process.Read more

The U.S. Department of the Treasury and the U.S. Department of Housing & Urban Development (HUD) have released an update on the Administration's aggressive nationwide campaign to help borrowers in the trial phase of their modified mortgages convert to permanent modifications under the Home Affordable Modification Program (HAMP). The new December data demonstrates that there has been a significant acceleration in the rate at which borrowers are being approved for permanent modifications.Read more

The U.S. Department of the Treasury, together with the U.S. Department of Housing & Urban Development (HUD), and the Federal Housing Finance Agency (FHFA) have announced the completion of all transactions under the recently-introduced state and local Housing Finance Agency (HFA) Initiative, a key element of the Obama Administration's Homeowner Affordability and Stability Plan (HASP).Read more

Effective Oct. 1, 2009, Regulation C, the implementing regulation of the Home Mortgage Disclosure Act (HMDA), imposes new data collection requirements, comparison rates and thresholds for reportable rate spreads.¹ Transition rules were developed to provide lenders with guidance for reporting rate spread data for changes effective Oct. 1, 2009. To help data users identify loans closed in 2009 and reported using the new rule, the Board will add a notation to each such loan in the publicly available data reported for 2009.Read more

Ohio Attorney General Richard Cordray has announced a lawsuit filed against Barclays Capital Real Estate d/b/a HomEq Servicing, headquartered in New York, for issuing unfair loan modification agreements and providing inadequate, incompetent customer service to Ohioans who were at risk of losing their homes to foreclosure. HomEq is a participant in the federal Home Affordable Modification Program (HAMP).Read more

Faith Schwartz, executive director, of the HOPE NOW Alliance, testified before the State Assembly Select Committee on the Safety and Protection of At-Risk Communities in California. Schwartz testified that through October 2009, more than 279,000 California homeowners received mortgage workout solutions. This compared to about 139,000 foreclosure sales in the state this year shows that workout solutions outpace foreclosures in sales two to one in California.Read more