American Home Mortgage Servicing(AHMSI) partnered with Compliance Connections, a division of Safeguard Properties, to be more proactive when dealing with code issues for its property portfolio. Compliance Connections offers a web-based portal, allowing mortgage servicers to communicate immediately when code issues arise.
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Based on a metric devised by Moody’s Analytics, GMAC, SLS, and American Home performed better compared to other subprime servicers in terms of cash collected relative to losses on delinquent loans. This was mainly due to shorter liquidation timelines that resulted in lower loss severities on liquidated or foreclosed properties, according to an article in Moody's ResiLandscape. GMAC's high metric is due primarily to shorter liquidation timelines and because the servicer maximizes cash flow on modified loans by keeping the re-default rates in line with the industry average even though it offers relatively low levels of relief in terms of principal and interest.
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Treasury says servicers participating in the Home Affordable Modification Program (HAMP) are getting better at evaluating homeowners for eligibility. Its latest performance assessment found no company in need of "substantial improvement." OneWest Bank and Select Portfolio Servicing performed at the highest level, needing only minor improvement. As part of the $25 billion settlement announced last month, Treasury has agreed to release incentives previously withheld from Bank of America and JPMorgan Chase.
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American Home Mortgage Servicing(AHMSI) announced that the company will change its name to Homeward Residential, and is expecting this conversion to take place after the second quarter. The name change is a move to reflect the company's expansion into residential lending and other real estate finance related businesses.
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The U.S. Treasury said Wednesday that it will continue to withhold incentives from JPMorgan Chase and Bank of America for modifications, short sales, and deeds-in-lieu completed through government programs. JPMorgan is the only servicer participating in Treasury's Making Home Affordable program that was determined to need "substantial improvement" in complying with program guidelines during the third quarter. Bank of America moved up a notch on the assessment scorecard to needing only "moderate improvement."
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Three mortgage servicers have voluntarily entered into an agreement with the New York State Department of Financial Services in which they pledge to abide by upgraded mortgage servicing standards that ensure fairness for all borrowers. The agreement was forged between Benjamin M. Lawsky, superintendent of the state regulatory agency, and Morgan Stanley and its Texas-based servicer Saxon; American Home Mortgage Servicing, also based in Texas; and Vericrest Financial, based in Oklahoma.
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Treasury has released the results of its second-quarter assessment of servicers participating in the Making Home Affordable program. Officials say they will continue to withhold program incentives owed to Bank of America and JPMorgan Chase. The two were determined to need "substantial improvement" in key areas including borrower evaluations. BofA and JPMorgan received the same score last quarter, as did Wells Fargo, but Wells has now elevated its grade to needing "moderate improvement."
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American Home Mortgage Servicing, Inc. (AHMSI) is pursuing legal action against Lender Processing Services (LPS) and affiliate DOCX to recover millions of dollars in losses the servicer allegedly incurred from improper documentation related to more than 30,000 mortgages and services preformed between April 2008 and November 2009. For its part, LPS said it was "surprised" by AHMSI's action and is prepared to vigorously defend itself against the allegations.
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American Home Mortgage Servicing Inc. (AHMSI) signed a settlement with Massachusetts Attorney General Martha Coakley agreeing to implement a consent judgment between the Commonwealth of Massachusetts and Option One Mortgage Corporation, which AHMSI acquired in April 2008. In conjunction with the settlement, Coakley also dismissed claims against Coppell, Texas-based AHMSI. The servicer did not incur civil penalties or any other costs.
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The U.S. Treasury has released its regular monthly report card on the Home Affordable Modification Program (HAMP). New this time is an assessment of how the 10 largest HAMP servicers are performing. Four servicers have been designated as needing "substantial" improvement: Bank of America, JPMorgan Chase, Ocwen Loan Servicing, and Wells Fargo. Treasury says it will withhold financial incentives from three of these companies until they make identified improvements.
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