The Fisher Law Group, PLLC and M. Richards Epps, PC have created a partnership whereby Epps, who is based in Virginia Beach, Virginia, will serve as of counsel to the Fisher firm, which is headquartered in Upper Marlboro, Maryland. Epps will locally manage Virginia court appearances for all court and litigated matters regarding Fisher's Virginia foreclosure and bankruptcy cases. Read More
Mortgage Builder, a provider of loan origination software technology, recently announced the creation of its new client-focused position of VP, client development. The company designed the position for Kelli Himebaugh, Mortgage Builder's sales manager for the western United States. In her new position, Himebaugh will work with new clients from product demonstration through training and implementation phases of the sales cycle. Read More
In the first quarter of 2010, state housing finance agencies' (HFAs) delinquencies declined for the first time since overall performance of loans began to deteriorate in the second quarter of 2008, according to Standard & Poor's. But the agency's analysts say the slowdown could be only temporary. S&P's study shows delinquency rates for HFA loans remain high relative to a year ago. However, the percentage of HFA loans at least 60 days past due or in foreclosure decreased to 6.05 percent in Q1, down from 6.57 percent in the fourth quarter of 2009. Read More
Neighborhoods across the country are riddled with empty bank-owned homes and unoccupied foreclosures that erode neighboring property values and open the door for blight and criminal activity. The nation's glut of vacant REOs took center stage in Washington Wednesday. HUD announced a new nationwide REO "First Look" program, in partnership with the nation's largest mortgage lenders, and it was the first of a two-day Federal Reserve summit to examine the community impacts of foreclosed and vacant properties. Read More
The Secure and Fair Enforcement for Mortgage Licensing Act (SAFE Act) stipulates that residential loan officers at banks, credit unions, and other federally regulated financial institutions must register their names and fingerprints with a national database. Financial institutions must establish procedures for compliance by October 1, 2010, but the deadline by which employees must be registered is unknown, "because the necessary modifications to the registry have not been completed," according to federal officials. Read More
The industry has completed 1.13 million permanent loan modifications for at-risk homeowners so far in 2010, according to data released Wednesday by HOPE NOW. The organization also reports that since January of this year, mortgage delinquencies of 60 days or more past due have dropped 20 percent, but the data supports the assumption that the decline is simply the byproduct of an increase in foreclosures. July's foreclosure starts outpaced loan mods during the month by nearly 90 percent. Read More
As an alternative to its registry of foreclosed properties and property preservation contacts for vacant properties, the city of Los Angeles is adopting the MERS System, an electronic loan registry that acts as a nominee in county land records on behalf of lenders and servicers. MERS members can use the system to track both residential and commercial properties. Users tout the benefits of the technology as saving code enforcement officials and municipalities both time and money to ensure vacant properties are maintained. Read More
Mortgage interest rates have dropped to their lowest level in decades, and even with tight credit conditions, more borrowers are beginning to take advantage. The Mortgage Bankers Association (MBA) reported Wednesday that its index measuring mortgage loan application volume increased 2.7 percent for the week ending August 27, 2010, after interest rates dropped yet again. Refinance activity was up 2.8 percent, while home purchase applications rose 1.8 percent. Read More
RiskSpan, Inc., a provider of integrated risk and valuation solutions, announced Wednesday that Allen H. Jones is the company's new managing director of its Washington, D.C., federal services consulting practice. Jones has more than 25 years in mortgage lending and housing finance. Previously, he was Bank of America's government lending executive, managing the transition and integration of Countrywide under the BofA umbrella, before becoming the bank's executive for default management public policy and national outreach. Read More
Texas Attorney General Greg Abbott says American Home Mortgage Servicing is using illegal debt collection practices and misleading struggling homeowners, resulting in foreclosure for some borrowers. Abbott brought formal charges against the company on Monday. State investigators allege that the mortgage servicer's agents used aggressive and unlawful tactics to collect payments and then in some cases, intentionally failed to properly credit homeowners. Read More
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