Chase
By Esther Cho | 04/17/2012
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.
Read More
By Carrie Bay | 11/01/2011
Mortgage servicing practices have a considerable impact on the performance of a portfolio, and according to Moody's Investors Service, risk composition is diverging based on how individual servicers are dealing with borrowers. The ratings agency has begun publishing comparative performance metrics on the largest servicers of private residential mortgage-backed securities (RMBS). Its analysts have identified three whose "strong servicing practices" have improved delinquency trends: GMAC, Ocwen, and Wells Fargo.
Read More
By Carrie Bay | 10/31/2011
State attorneys general and the nation's five largest mortgage servicers could be within weeks of reaching a $25 billion agreement to settle allegations that foreclosures were improperly processed. Details of the settlement terms obtained by DSNews.com indicate that individual servicer penalties will be based on the number of foreclosures they've completed. Collectively, $5 billion would come in the form of cash fines and $20 billion would be satisfied with principal-reducing modifications and refinancing for underwater borrowers.
Read More
By Carrie Bay | 10/27/2011
The industry's four largest mortgage servicers all say they will be taking part in the revamped Home Affordable Refinance Program (HARP). Bank of America, Chase, Citigroup, and Wells Fargo have each expressed their support of the program and the changes that will allow more underwater homeowners to refinance.
Government officials expect the program's revisions to expand its reach and increase competition for mortgage refinancing, with an estimated 1 million homeowners to receive assistance under the new guidelines.
Read More
By Carrie Bay | 10/18/2011
Help for underwater homeowners has moved from principal writedowns to refinancing in the settlement negotiations between state attorneys general and the nation's five largest mortgage servicers. According to a widely circulated report, the proposal made its way into the talks last week. Borrowers who are current on their mortgage payments but owe more than their home is worth would be able to refinance at today's lower rates. The main caveat is that the loan must be owned, not just serviced, by one of the five banks.
Read More
By Carrie Bay | 09/22/2011
Chase has opened two new Homeownership Centers in North Carolina to provide one-on-one help for borrowers struggling with their mortgage payments - one in Fayetteville, near Fort Bragg and the second in Jacksonville, near Camp Lejeune. The company is staffing all of its Homeownership Centers near military bases with employees who have served in the military or military family members. Chase also recently set up Centers near bases in Texas and Virginia, and has plans for openings later this year in Tennessee and Washington.
Read More
By Carrie Bay | 08/19/2011
The JPMorgan Chase Foundation is making a $1 million grant to help about 70 police officers and city employees move back to Detroit over the next two years. Mayor Dave Bing has launched several initiatives to strengthen Detroit's communities by bringing law enforcement and city employees into the areas where they work. Qualifying buyers will receive money for a down payment on vacant homes in select neighborhoods as part of the mayor's initiatives.
Read More
By Carrie Bay | 07/28/2011
The nation's leading mortgage lenders are extending extras for short sale transactions employed as an alternative to foreclosure - both in the form of monetary incentives for borrowers and streamlined procedures for real estate agents.
Wells Fargo has increased its financial relocation assistance to as much as $20,000 in states where the foreclosure process is lengthening. Bank of America is now allowing agents to submit a new backup offer for a short sale property if the original buyer has walked away.
Read More
By Carrie Bay | 07/21/2011
Chase has opened its newest Homeownership Center near the U.S. military base in Fort Hood, Texas, to provide one-on-one help for homeowners struggling with their mortgage payments. It is Chase's first Homeownership Center near a military base. The bank plans to open five other centers this year near military bases in Virginia, North Carolina, Tennessee, and Washington state.
Read More
By Carrie Bay | 05/20/2011
Chase, the consumer banking and home lending business of JPMorgan Chase & Co., opened a new Homeownership Center in Milwaukee, Wisconsin on Friday. The facility provides Chase borrowers who are struggling to make their mortgage payments with resources to help them avoid foreclosure. Trained advisors are on hand to help distressed homeowners evaluate their finances, review possible workout options, and answer any questions.
Read More
