HARP
By Esther Cho | 05/09/2012
After declining during the 2012 first quarter, the national mortgage delinquency rate is at its lowest level since the first quarter of 2009 and finally dropped after two consecutive quarterly increases. TransUnion reported Wednesday that the national delinquency rate, which includes borrowers 60 or more days past due, is 5.78 percent for the first quarter of 2012, a quarterly and yearly drop when the rates were 6.01 percent and 6.19 percent, respectively.
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By Carrie Bay | 05/07/2012
The government's Home Affordable Modification Program (HAMP) continues to add borrowers to its roster each month, but the pace has slowed. Data released Friday by Treasury and HUD shows the number of permanent HAMP mods granted during the month of March was down 10 percent from the month before and down 45 percent from March 2011. While HAMP activity has slowed, other government-assisted foreclosure alternatives in the form of short sales and deeds-in-lieu have held fairly steady.
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By Ryan Schuette | 04/26/2012
Lawmakers seated on the Senate Banking Committee convened a hearing Wednesday to discuss ways to make HARP a more effective and accessible option for responsible, underwater borrowers. Laurie Goodman, senior managing director at Amherst Securities Group, said her number one suggestion is to allow for competition by permitting a different servicer to refinance a borrower on the same terms that apply to the current servicer. Currently, only mortgages backed by Fannie Mae and Freddie Mac are eligible for refinancing under HARP.
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By Esther Cho | 04/06/2012
The Obama Administration released its March Housing Scorecard Friday, which showed delinquencies on a downward decline, while modifications continue to help struggling homeowners through reduced monthly payments. Foreclosure completions were down though, but delays are expected to pick up due to the mortgage settlement, which just received approval from a federal judge Friday.
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By Esther Cho | 04/04/2012
CoreLogic announced a new service designed to help originators identify potential HARP 2.0 borrowers.
Using a range of resources and technologies, CoreLogic can identify more than 2.3 million borrowers with a strong likelihood of potential eligibility for refinancing through the HARP 2.
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By Esther Cho | 04/04/2012
HARP may have expanded its eligibility requirements to reach more borrowers, but according to a mortgage industry advisory firm, that doesn't mean marketing the program should be so broad-based.
Mass marketing to borrowers without screening-out those that cannot qualify for the program will dramatically increase marketing costs, reduce productivity both at the point-of-sale and in the back office, and frustrate homeowners, according to a release from STRATMOR Group and Financial Literacy Solutions.
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By Esther Cho | 03/20/2012
Since the September 2008 conservatorship, Fannie Mae and Freddie Mac have completed nearly 1.1 million permanent loan modifications, according to the FHFA's latest foreclosure prevention report. Data from the Office of the Comptroller of the Currency show that in the two years ending in the third quarter of 2011, modifications on Fannie Mae and Freddie Mac loans accounted for 40 percent of all loan modifications. Overall, the GSEs have completed more than 2.1 million foreclosure prevention actions since being taken over by the federal government.
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By Esther Cho | 03/06/2012
With more homeowners finding themselves underwater alongside the availability of programs offering potential relief, CredAbility reported that it recently counseled the highest number of homeowners since June 2011. CredaAbility, a national nonprofit organization that offers free counseling to homeowners, provided guidance and advice to 6,433 homeowners in February, a 16 percent increase compared to January.
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By Krista Franks Brock | 03/02/2012
The principal reduction debate wages on with the Federal Housing Finance Agency (FHFA) standing firm in its resolve that the strategy is not the best option for the GSEs. "Both companies have been reviewing principal forgiveness alternatives. Both advised me they do not believe that it is in the best interest of the companies to do so," FHFA Acting Director Edward DeMarco told the Senate Banking Committee. One senator asked why banks then are turning to principal forgiveness for 20 percent of modifications on their own loans.
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By Esther Cho | 03/02/2012
Lender Processing Services announced that its LSI Title division is extending its Streamlined Settlement solution to help lenders meet the HARP 2.0 guidelines.
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