in News > Mortgage Servicing
print the content item


More than 850,000 homeowners received loan modifications from mortgage servicers last year, according to new data released by HOPE NOW.

HOPE NOW reports that mortgage servicers completed 661,363 proprietary loan modifications for homeowners and 188,671 Home Affordable Modification Program (HAMP) modifications. Since 2007, more than 6 million loan modifications have been completed.

Year-end 2012 data showed significant activity during the fourth quarter compared to the third quarter: the number of completed proprietary loan modifications increased 8.3%, while foreclosure starts declined 27.2% and foreclosure sales dropped 3.6%.

"In the past year, there has been unprecedented work from the industry with respect to short sales as a viable mortgage solution," says Eric Selk, HOPE NOW's executive director.


Agfirst_id


Latest Top Stories

FHFA Clarifies Rep And Warranty Framework

"We know that the [existing] Representation and Warranty Framework did not provide enough clarity to enable lenders to understand when Fannie Mae or Freddie Mac would exercise their remedy to require repurchase of a loan," said Mel Watt, director of the FHFA.


Mounting Indicators Prove Housing 'Recovery' Illusory

While there are some signs that things are improving, in reality there are mounting indicators that another housing downturn is near.


Wingspan Lays Off Employees At Two Call Centers

"It is in the nature of our work with large financial institutions to wrap up specific contracts for services and to have brief periods of time before new contracts begin," Wingspan officials said in a statement.


IDS Reports Spike In HELOC Volume In 2014

The firm is forecasting that if volumes stay at current levels, HELOC loan doc draws this year could exceed those of 2013 by nearly 65%.


CFPB Fines Flagstar Bank $37.5 Million For Mortgage Servicing Violations

In a statement, Richard Cordray, director of the CFPB, says the action taken against Flagstar "signals a new era of enforcement to protect consumers against the cost of servicer runarounds."

Urban Lending_id1351
Hse SandyHook
Industry Resource
Orb Mobile
SWBC_id1313
MBATX_id1385
BSI_id1381
Safeguard_id1322