Bloomberg, Mar. 23, 2016–Scully, Matt
The Securities and Exchange Commission is looking at whether mortgage servicers are boosting profits by prematurely unleashing debt collectors on delinquent borrowers.
Category: Top National News
Death and Divorce Don’t Get Sympathy from Loan Servicers
Detroit Free Press, Mar. 22, 2016–Tompor, Susan
Some families face foreclosures after a spouse dies, the money is tight, and the mortgage is only in the name of the deceased. ustin Wiseman, director of loan administration policy at the Mortgage Bankers Association, said situations can be complex, such as when multiple successors apply for different loan modifications the same mortgage, or when privacy issues come into play.
Vacant, Abandoned Houses are Dwindling in Most Places, But Not in These Communities
Minneapolis Star-Tribune, Mar. 24, 2016–Henderson, Tim
A relic of the Great Recession, zombie houses have receded in many states – but not all. They remain, and are growing in number in several states. The rate of foreclosure rose more quickly during the crisis, and stayed higher afterward, in states with lengthy court-supervised foreclosure procedures, Mortgage Bankers Association surveys of loan performance show.
Lawmakers Object to Discounts on Nonperforming Loan Sales
National Mortgage News, Mar. 24, 2016–Collins, Brian
In a letter, House Financial Services Committee Chairman Jeb Hensarling, R-Texas, and Senate Banking Committee Chairman Richard Shelby, R-Ala., claim the Federal Housing Finance Agency and the Federal Housing Administration have a duty to maximize recoveries on defaulted mortgages.
Credit Suisse to Pay $29 Million in U.S. Regulator’s Mortgage Case
Reuters, Mar. 24, 2015–Raymond, Nate
Credit Suisse Group AG agreed to pay more than $29 million to resolve a U.S. regulator’s claims that it sold toxic mortgage-backed securities to credit unions that later failed, according to court papers filed on Thursday.
All-Cash Sales Hit Seven-Year Low
National Mortgage Professional, Mar. 24, 2016–Hall, Phil
One-third of all home sales during 2015 were all-cash transactions, according to new data from CoreLogic. Last year’s cash sales sum was the lowest recorded since 2008 and is 13 percent below the 46.6 percent peak in January 2011.
Yes, TRID is Expensive, but Did the CFPB Reach Its Goal?
HousingWire, Mar. 23, 2016–Swanson, Brena
TRID, aka Know Before You Owe, caused mortgage lender back office fulfillment and post-closing costs to increase by an average of $209 per loan since October 2015, STRATMOR Group reported.
Black Knight: Mortgage Delinquencies Lowest Since 2007
HousingWire, Mar. 23, 2016–Barraza, Cynthia
The mortgage delinquency rate hit its lowest level since April 2007 as it fully recovers from January’s 6.6%, according to the latest report from Black Knight Financial Services.
Fannie Mae and Freddie Mac: If You Can’t Kill Them, Merge Them?
Wall Street Journal, Mar. 23, 2016–Light, Joe
A group including some of the chief architects of the Obama administration’s housing policy released a paper Wednesday outlining a new proposal for how to deal with mortgage-finance giants Fannie Mae and Freddie Mac.
FHFA Leans Toward Principal Cuts–But Why Now?
National Mortgage News, Mar. 23, 2016–Collins, Brian
The Federal Housing Finance Agency appears poised finally to allow principal reductions, but it’s been nearly a decade since the mortgage crisis and underwater borrowers are much fewer thanks to higher home values.