Mortgage Servicing

S&P/Experian: Default Rate On First Mortgages Edged Up Slightly In June

Orb Staff
Orb Staff on Jul 20, 2016

The default rate for first mortgages was about 0.65% in June – an increase of two basis points compared with 0.63% in May, according to the S&P/Experian Consumer Credit Default Indices. The increase follows three consecutive months of decreases. In [Read More]

ISGN Hires Two Mortgage Industry Veterans

Orb Staff
Orb Staff on Jul 18, 2016

Destinee Pratt has joined ISGN Corp., a provider of mortgage servicing software, as senior vice president of servicing technologies. In addition, Chris Anderson has joined the firm as executive vice president of sales. Pratt has nearly 20 years of mortgage [Read More]

RealtyTrac: Despite Some ‘Outliers,’ Foreclosure Activity Fell In First Half

Orb Staff
Orb Staff on Jul 18, 2016

A total of 253,408 U.S. properties started the foreclosure process in the first half of this year – down 17% from the first half of 2015, according to RealtyTrac’s first half foreclosure report. Starts in the first half were the lowest [Read More]

Potestivo Hires Brian C. Gurta As An Associate Attorney

Orb Staff
Orb Staff on Jul 13, 2016

Brian C. Gurta has joined Potestivo & Associates PC, a law firm serving the mortgage servicing industry, as an associate attorney at the firm’s Rochester, Mich., office, serving in the landlord and litigation departments. Gurta earned his juris doctorate at [Read More]

CoreLogic: Foreclosure Inventory Down 24.5% From May 2015

Orb Staff
Orb Staff on Jul 13, 2016

The May foreclosure inventory rate was the lowest for any month since October 2007, CoreLogic says.

Ocwen Seeing Success With Streamlined Modification Program

Orb Staff
Orb Staff on Jul 11, 2016

Ocwen Financial Corp. reports that since the start of this year, it has initiated more than 14,000 trial plans to borrowers under the U.S. Department of the Treasury’s streamlined modification program that launched in January. More than 4,100 of the [Read More]

Black Knight: Total ‘Tappable’ Equity Up, But Homeowners Being ‘Prudent’

Orb Staff
Orb Staff on Jul 11, 2016

Thanks to rising home prices, the total “tappable” equity in U.S. borrowers’ homes reached about $260 billion as of the end of the first quarter – an increase of 6% compared with the first quarter of 2015, according to Black [Read More]

RoundPoint: Strategic Default Not As Prevalent As One Might Think

Orb Staff
Orb Staff on Jul 11, 2016

Just how prevalent was the problem of borrowers walking away from their “underwater” homes following the financial crisis, when, in fact, they could have paid their mortgages? If you read certain mainstream media reports that were published during the post-crisis [Read More]

Freddie Mac Auctions Another Pool Of Deeply Delinquent NPLs

Orb Staff
Orb Staff on Jul 06, 2016

Community Loan Fund of New Jersey Inc., a nonprofit, is the winning bidder on a pool of 189 deeply delinquent nonperforming loans (NPLs) recently auctioned by Freddie Mac. The loans – which have a total unpaid principal balance of about [Read More]

Wells Fargo To Settle TCPA Class Action Lawsuit For $16.3 Million

Orb Staff
Orb Staff on Jul 06, 2016

Wells Fargo Bank will pay about $16.3 million to settle a class action lawsuit alleging it illegally used an auto-dialer to call mortgage borrowers’ mobile phones without their consent – a violation of the Telephone Consumer Protection Act (TCPA). The [Read More]

American Modern Insurance To Pay $1M For Overcharging For LPI

Orb Staff
Orb Staff on Jul 05, 2016

American Modern Insurance Group will pay $1 million for allegedly overcharging Minnesota residents for lender-placed insurance (LPI). As per a settlement with the Minnesota Commerce Department, American Modern will also cut its LPI rates by 43% and provide refunds to [Read More]

HUD Making ‘Significant’ Changes To DASP

Orb Staff
Orb Staff on Jul 01, 2016

The U.S. Department of Housing and Urban Development (HUD) is making some “significant” changes to its Distressed Asset Stabilization Program (DASP). Now, investors and nonprofits that acquire the loans are required to offer borrowers principal forgiveness as a first option. [Read More]

OCC: Mortgage Performance Continued To Improve In Q1

Orb Staff
Orb Staff on Jul 01, 2016

Performance of first-lien mortgages continued to improve during the first quarter, according to the Office of the Comptroller of the Currency’s quarterly Mortgage Metrics Report. As of the end of the first quarter, about 94.9% of all first-lien mortgages in [Read More]

HUD: Counseling Helps Keep First-Time Home Buyers Out Of Default

Orb Staff
Orb Staff on Jun 29, 2016

A “rigorous, large-scale” study conducted by the U.S. Department of Housing and Urban Development (HUD) reveals what many people in the mortgage industry already know: Counseling helps first-time home buyers better understand the mortgage process and, thus, helps keep them [Read More]

FHFA: Loan Performance Continued To Improve In Q1

Orb Staff
Orb Staff on Jun 27, 2016

Servicers working on loans held by Fannie Mae and Freddie Mac completed 49,573 foreclosure prevention actions in the first quarter – up from 47,769 foreclosure prevention actions in the fourth quarter of 2015, the Federal Housing Finance Agency (FHFA) reports. [Read More]

Black Knight: Foreclosure Starts Up 5.79% In May

Orb Staff
Orb Staff on Jun 24, 2016

The U.S. mortgage delinquency rate ticked up slightly in May compared with April but remained well below the rate seen one year earlier, according to Black Knight Financial Services’ “First Look” report. As of the end of May, the national [Read More]

CFPB: Mortgage Servicers Must Upgrade Systems To Meet Compliance

Orb Staff
Orb Staff on Jun 23, 2016

“While the servicing market has made some investments in compliance, those investments have not been sufficient across the marketplace to ensure compliance.”

S&P/Experian: Default Rate On First Mortgages Fell Again In May

Orb Staff
Orb Staff on Jun 22, 2016

The national default rate on first mortgages in May was about 0.63%, down six basis points compared with April, according to the S&P/Experian Consumer Credit Default Indices. It was the third consecutive month that the default rate on first mortgages [Read More]

RealtyTrac: Foreclosure Activity Basically Flat In May

Orb Staff
Orb Staff on Jun 21, 2016

Foreclosure filings, including default notices, scheduled auctions and bank repossessions, were reported on 100,841 properties in May – virtually unchanged compared with April and down 21% from May 2015, according to RealtyTrac’s U.S. Foreclosure Market Report. It was the eighth [Read More]

STRATMOR Group Expands MortgageSAT Into Servicing

Orb Staff
Orb Staff on Jun 21, 2016

STRATMOR Group is expanding its MortgageSAT borrower satisfaction survey program to cover servicing operations. Currently, MortgageSAT – Origination continuously surveys tens of thousands of borrowers (35,000 so far this year) to gauge their satisfaction with the loan origination process, providing [Read More]