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Home | News | Loss Mitigation (page 30)

Borrowers Find Holistic Financial Advice Through Post-Mod Counseling

More than 11,000 homeowners have participated in Fannie Mae's post-modification counseling since 2011. Recognizing that many homeowners continue to struggle with their finances after receiving loan modifications, Fannie Mae developed the post-modification counseling program to take a holistic approach to individual finances and set borrowers on a sustainable path. Currently, there are 18 servicers that utilize the program.

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NDeX Transitions to Regulatory IT with Launch of assure360

A new technology company has launched in Michigan with the goal of providing world-class information technology (IT) services to highly regulated industries nationwide. Founded by what used to be the IT staff at National Default Exchange (NDeX), assured360 fully owns and operates two geographically diverse Tier 3 data centers: one in Farmington Hills, Michigan, and the other in Carrollton, Texas.

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Shadow Inventory Falls to Lowest Level Since August 2008

Overall residential shadow inventory, as of July 2013, was 1.9 million homes, according to CoreLogic. That's the lowest shadow inventory tally reported since August 2008. The industry's current shadow inventory carries a value of $293 billion, down from $380 billion in July 2012. It represents 3.7 months' of supply and accounts for 85 percent of the 2.2 million properties that were seriously delinquent, in foreclosure, or bank-owned at July month-end.

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As Refi Activity Fades, LPS Predicts Rise in Home Equity Loans

The number of homeowners eligible for refinancing has shrunk from about 10 million in December 2012 to about 5.7 million as of August, according to Lender Processing Services' (LPS) latest Mortgage Monitor report. LPS cites heightened refinance activity over the past few years and rising interest rates as reasons for the decline and sees a market ripe for home equity lines of credit as a result of rising prices.

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Fitch: Government Shutdown Could Squeeze Title Insurers’ Margins

According to Fitch Ratings, title insurance companies may be among the first in the housing sector to feel the effects of a Congress that the Brookings Institution describes as ""failing the American people."" Title insurers are sensitive to macroeconomic factors such as employment levels, consumer sentiment, and interest rates, and Fitch says the longer the government shutdown lasts, the bigger the potential profitability impact to title insurers.

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AmeriFirst Turns to LPS’ Servicing Platform to Support Growth

Lender Processing Services, Inc. (LPS), a provider of technology, services, data, and analytics to the mortgage industry, announced that AmeriFirst Home Mortgage has completed its implementation of LPS' MSP mortgage and consumer loan servicing platform. AmeriFirst says it decided on LPS' system because it offered ""the complete package.""

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Weak Third Quarter Expected for Mortgage Banks

Investment bank FBR Capital Markets released its preview of third-quarter earnings for major U.S. banks Monday, with a cloudy outlook for mortgage banking. In general, bank stocks have underperformed the broader market by about 2 percent over the third quarter; and zeroing in on the mortgage market, FBR is not optimistic about Q3 results.

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Wells Fargo, SunTrust Reach Repurchase Agreement with Freddie Mac

Two more companies are in the clear with Freddie Mac following agreements on claims related to loans that went south after they were sold to the GSE. Wells Fargo has agreed to pay a total of $869 million to settle repurchase claims from Freddie Mac. The agreement covers approximately 6.7 million loans. Suntrust will pay the GSE a total of $65 million, covering approximately 312,000 mortgages.

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FHFA and Zillow Talk HARP

Zillow partnered with the Federal Housing Finance Agency (FHFA) Thursday to review eligibility requirements for the Home Affordable Refinance Program (HARP) and respond to borrowers confused about the program. Meg Burns, senior associate director for housing and regulatory policy for FHFA, joined Zillow for a Google Hangout session to field questions from underwater homeowners and explain HARP's finer points.

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FHA to Take First Ever Bailout

The Federal Housing Administration (FHA) will be accepting a bailout of more than $1 billion to make up for losses sustained from the agency's legacy books and its reverse mortgage program. Following reports last week that FHA's financial situation would require a Treasury draw in the neighborhood of the Obama administration's $943 million forecast, Commissioner Carol Galante revealed in a letter to the Senate Banking Committee that the agency is taking an appropriation of approximately $1.7 billion.

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