Mortgage Servicing

Serious Delinquencies On GSE Loans Fell To Lowest Level Since 2008

Posted by Patrick Barnard on September 28, 2016

The delinquency rate (30 to 60 days past due) on mortgage loans held by Fannie Mae and Freddie Mac was about 1.36% as of the end of the second quarter – up from 1.21% as of the end of the [Read More]

Community Loan Fund Of New Jersey Winning Bidder On Pool Of Fannie NPLs

Posted by Patrick Barnard on September 26, 2016

The Community Loan Fund of New Jersey Inc., an affiliate of New Jersey Community Capital, a nonprofit community development financial institution, is the winning bidder on a pool of 120 nonperforming loans (NPLs) recently auctioned by Fannie Mae. It was [Read More]

MBA Introduces Proposed Successor To HAMP

Posted by Patrick Barnard on September 26, 2016

The Mortgage Bankers Association (MBA) has introduced its proposed successor program to the Home Affordable Modification Program (HAMP), which is scheduled to sunset on Dec. 31. The new proposed program, “One Mod: Principles For Post-HAMP Loan Modifications,” was developed by [Read More]

Black Knight: Brexit Activity Boosted Mortgage Prepayment Rate In August

Posted by Patrick Barnard on September 22, 2016

The mortgage delinquency rate fell to 4.24% in August – a decrease of 6.04% compared with July and a decrease of 11.41% compared with August 2015, according to Black Knight Financial Services’ “First Look” mortgage report. It was a recovery from [Read More]

Default Rate On First Mortgages Rose Slightly In August But Fell Year Over Year

Posted by Patrick Barnard on September 20, 2016

The default rate on first mortgages in August was about 0.68%, an increase of two basis points compared with 0.66% in July but down significantly from 0.96% in August 2015, according to the S&P/Experian Consumer Credit Default Indices. Auto loan [Read More]

PHH Cutting Workforce At Amherst, N.Y.

Posted by Patrick Barnard on September 20, 2016

Following a significant reduction in the size of its mortgage servicing rights portfolio, PHH Corp. is reportedly cutting one-third of its workforce at its facility in Amherst, N.Y.

Fifth Third Bank Inks Deal With ULS For Appraisal Management Services

Posted by Patrick Barnard on September 20, 2016

Urban Lending Solutions (ULS), which offers an array of outsource solutions to mortgage lenders, reports that it has landed a contract to provide appraisal management services to Fifth Third Bank. Urban Lending Solutions Appraisals (ULSA), a subsidiary of ULS, will [Read More]

MountainView Handling Sale Of MSR Portfolio With $3.2 Billion In UPB

Posted by Patrick Barnard on September 19, 2016

MountainView Servicing Group is handling the sale of a Fannie Mae and Freddie Mac bulk mortgage servicing rights (MSR) portfolio with more than $3.26 billion in unpaid principal balance (UPB). The portfolio consists of 14,987 first-lien loans, of which 99.9% [Read More]

CoreLogic: Rising Home Prices Brought More Homeowners Into Positive Equity In Q2

Posted by Patrick Barnard on September 15, 2016

About 548,000 U.S. homeowners regained equity in the second quarter, bringing the percentage of homes with positive equity to 92.9% of all mortgaged properties, or approximately 47.2 million homes, according to CoreLogic. Nationwide, home equity increased by $646 billion, or [Read More]

Springboard Rebrands Itself As credit.org

Posted by Patrick Barnard on September 14, 2016

In order to more closely align its identity with its customer-centric online presence, Springboard Nonprofit Consumer Credit Management Inc., a nonprofit offering financial education for borrowers, has changed its name to credit.org. In addition to the name change, which became [Read More]

Assurant Names Daniel Hoppes SVP, Mortgage Solutions

Posted by Patrick Barnard on September 14, 2016

Daniel Hoppes is now senior vice president of mortgage solutions for Assurant Inc. Hoppes has more than 20 years of experience leading companies in the financial services, asset management and consumer retail industries, according to a release. Most recently, he [Read More]

CoreLogic: Completed Foreclosures Decreased 6.8% In July

Posted by Patrick Barnard on September 13, 2016

There were about 34,000 completed foreclosures in July – a decrease of 6.8% compared with about 36,000 in June and a decrease of 16.5% compared with 41,000 in July 2015, according to CoreLogic’s National Foreclosure Report. What’s more, completed foreclosures [Read More]

Equator Launches New Suite Of Tools To Help REO Agents

Posted by Patrick Barnard on September 12, 2016

Default servicing solutions provider Equator has launched a new suite of tools for real estate owned (REO) real estate agents that adds transparency and actionable insight to the REO market. Dubbed Equator Agent Elite, the new suite gives agents access [Read More]

Auction.com Hires Patrick McClain To Optimize REO Disposition

Posted by Patrick Barnard on September 12, 2016

Industry veteran Patrick McClain has joined Auction.com, an online marketplace for foreclosure and bank-owned properties, as senior vice president of auction portfolio operations. McClain has almost 20 years of experience working in the asset management field. He has managed portfolios of [Read More]

ATPR Enhances Search Functionality For SmartProp

Posted by Patrick Barnard on September 12, 2016

ATPR Inc. has once again enhanced its SmartProp solution by improving the search capabilities of its Two-Owner Search (2OS) and Full Search products as a part of its range of property reports. With these enhancements, SmartProp will now be able [Read More]

Freddie Mac Auctioning Five More Pools Of NPLs

Posted by Patrick Barnard on September 12, 2016

Freddie Mac is auctioning five separate pools of nonperforming loans (NPLs) with about $1.1 billion in unpaid principal balance. Four of the pools are Standard Pool Offerings, while one is an Extended Timeline Pool Offering, which means it is being [Read More]

REO Sales Still About Double What They Were Pre-Crisis

Posted by Patrick Barnard on September 08, 2016

If sales of real estate owned (REO) properties are any indication, it appears that the number of completed foreclosures is “stuck” at about double the rate seen pre-crisis. Black Knight Financial Services’ most recent Mortgage Monitor report shows that distressed [Read More]

Altisource Launches Foreclosure Auction Services With Support For FHA CWCOT Program

Posted by Patrick Barnard on September 08, 2016

Altisource Portfolio Solutions SA has launched a new foreclosure auction service that includes support for the Federal Housing Administration’s (FHA) Claims Without Conveyance of Title (CWCOT) program. The company’s new Foreclosure Auction Services provides mortgage servicers with additional, accelerated real [Read More]

Mortgage Lender Profits Increased In Q2, But Servicers Didn’t Do So Well

Posted by Patrick Barnard on August 31, 2016

Mortgage lenders saw an average profit of about $1,686 per loan in the second quarter – up from a reported gain of $825 in the first quarter, according to the Mortgage Bankers Association’s (MBA) Quarterly Mortgage Bankers Performance Report. Helping [Read More]

Bank Repossessions Down 41% In July Compared With A Year Earlier

Posted by Patrick Barnard on August 30, 2016

Foreclosure starts were reported for about 36,863 residential properties in July – a decrease of 5% compared with June and a decrease of 19% compared with July 2015 to reach the lowest level since May 2005, according to data recently [Read More]