Mortgage Servicing

FHA Streamlines Loss Mitigation Process

Orb Staff
Orb Staff on Aug 26, 2016

The Federal Housing Administration (FHA) is proposing significant changes to the requirements mortgage servicers must adhere to when servicing FHA-backed mortgages that have gone into default. The FHA says it is streamlining its loss mitigation processes by reducing the number [Read More]

HARP Extended Again, This Time As A ‘Bridge’ To A New Program

Orb Staff
Orb Staff on Aug 25, 2016

This time around, the program is being extended in order to create a “bridge” to a new high loan-to-value streamlined refinance offering that will essentially replace HARP.

HARP Refinances Keep Decreasing As Program Sunsets

Orb Staff
Orb Staff on Aug 22, 2016

After a seven-year run, the Home Affordable Refinance Program (HARP) is finally winding down. The program, which is set to expire on Dec. 31, has helped more than 3.4 million struggling homeowners retain their homes in the aftermath of the [Read More]

LRES Promotes Audrey Clearwater To Vice President Of Operations

Orb Staff
Orb Staff on Aug 22, 2016

Audrey Clearwater has been promoted to vice president of operations at LRES, a national residential and commercial real estate services company providing valuations, real estate owned asset management, homeowners association and technology solutions. Before assuming her role as vice president [Read More]

Black Knight: Delinquencies Up, Foreclosure Starts Down In July

Orb Staff
Orb Staff on Aug 22, 2016

Black Knight notes that prepayment activity fell in July despite overall growth in the number of refinance candidates and 30-year interest rates remaining at or below 3.45% for much of the month.

S&P-Experian: Default Rate On First And Second Mortgages Continues To Fall

Orb Staff
Orb Staff on Aug 18, 2016

The national default rate on first mortgages was about 0.66% in July – up one basis point compared with 0.65% in June but down 14 basis points compared with 0.80% in July 2015, according to the S&P/Experian Consumer Credit Default [Read More]

MBA: Q2 Mortgage Delinquency Rate Lowest In 10 Years

Orb Staff
Orb Staff on Aug 16, 2016

Delinquencies on mortgage loans (30 days or more past due but not in foreclosure) on one-to-four-unit residential properties were at a rate of about 4.66% as of the end of the second quarter – a decrease of 11 basis points [Read More]

Fannie Mae Selling Off Five More Pools Of NPLs

Orb Staff
Orb Staff on Aug 15, 2016

Fannie Mae is selling off more of its nonperforming loans. The government-sponsored enterprise announced last week that it is auctioning four larger pools of approximately 6,900 loans totaling $1.08 billion in unpaid principal balance (UPB), as well as a Community [Read More]

MountainView Handling Sale Of $3B Ginnie Mae Bulk MSR Portfolio

Orb Staff
Orb Staff on Aug 12, 2016

MountainView Servicing Group is handling the sale of a Ginnie Mae bulk mortgage servicing rights (MSR) portfolio with a little more than $3 billion of unpaid principal balance. The portfolio consists of 13,858 first-lien, fixed-rate mortgages with a weighted average [Read More]

Borrowers Behind On Auto Debt Eight Times More Likely To Miss Mortgage Payments

Orb Staff
Orb Staff on Aug 10, 2016

Americans love their cars – that’s for sure. In some cases, they love their cars more than their homes, if that makes any sense. Anyone who worked in default servicing during the 2008-2013 period will likely tell you all kinds [Read More]

CoreLogic: Completed Foreclosures Down 67.5% Compared With September 2010

Orb Staff
Orb Staff on Aug 09, 2016

There were about 38,000 completed foreclosures nationwide in June – an increase of 5.1% compared with about 36,000 in May but a decrease of 4.9% compared with about 40,000 in June 2015, according to CoreLogic’s National Foreclosure Report. Although higher [Read More]

Equifax: Default Rate For First Mortgages Fell To 2007 Levels In June

Orb Staff
Orb Staff on Aug 09, 2016

There were about 17,909 defaults on first mortgages in June – the lowest number since January 2007, according to the Equifax National Consumer Credit Trends Report. Although the write-off rate returned to historic lows, some areas remain elevated. For instance, [Read More]

Incenter Hires Al Qureshi As Managing Director

Orb Staff
Orb Staff on Aug 08, 2016

Al Qureshi has joined Incenter, a Blackstone portfolio company that provides clients with access to capital, secondary markets solutions and fulfillment services, as managing director in charge of the company’s mortgage servicing rights, securities, and whole loan analytics and risk [Read More]

Corona Asset Management Is Winning Bidder On Pool Of Fannie NPLs

Orb Staff
Orb Staff on Aug 08, 2016

Corona Asset Management XVIII is the winning bidder on a pool of nonperforming loans recently auctioned by Fannie Mae. Fannie Mae’s fourth Community Impact Pool of loans includes 80 loans with an aggregate unpaid principal balance of $18,467,573; an average [Read More]

Potestivo & Associates Hires Jillian M. Murphy As Associate Attorney

Orb Staff
Orb Staff on Aug 08, 2016

Jillian M. Murphy has joined Potestivo & Associates PC as an associate attorney in the firm’s south Illinois office. Murphy previously worked as a law clerk at Scott A. Kogen & Associates PC and more recently as an associate attorney [Read More]

CFPB Updates Mortgage Servicing Rules

Orb Staff
Orb Staff on Aug 05, 2016

As promised, the Consumer Financial Protection Bureau has updated its mortgage servicing rules that took effect in January 2014.

Black Knight: Foreclosure Starts Spiked In June, But Fell In Q2

Orb Staff
Orb Staff on Aug 02, 2016

The national mortgage delinquency rate (30 days or more past due) was about 4.31% as of the end of June – an increase of 1.33% compared with May but a decrease of 10.03% compared with June 2015, according to Black [Read More]

Black Knight: ‘Refinanceable Population’ Swells To 8.7 Million Borrowers

Orb Staff
Orb Staff on Aug 02, 2016

A decrease in mortgage interest rates brought on by the recent Brexit vote increased the refinanceable population by an additional 1.2 million borrowers.

Chronos Solutions Hires Arun Pimpalapure As Chief Information Officer

Orb Staff
Orb Staff on Jul 27, 2016

Arun Pimpalapure has joined Chronos Solutions, a national real estate financial services provider, as chief information officer. Previously, Pimpalapure worked for Austin, Texas-based Tenura Holdings Inc., where he served as head of its technology division. While at Tenura, he led [Read More]

Are Mortgage Borrowers Strapped Down By Student Debt?

Orb Staff
Orb Staff on Jul 25, 2016

Overall, non-current rates are 38% higher for mortgage borrowers carrying student loan debt.