Mortgage servicers, investors save millions from credit counseling

Benefits that distressed homeowners receive from credit counseling translate into mortgage servicers saving millions of dollars, according to The Stratmor Group. Counseling enables borrowers to remain in their homes and avoid foreclosure, short sales or deed‐in‐lieu transfers of their property to the lender, allowing servicers to avoid substantial losses on the loans, the mortgage banking … Continue reading Mortgage servicers, investors save millions from credit counseling

Foreclosure Free Ride – Years of No Payment

NEW YORK (CNNMoney) -- Delinquent borrowers facing foreclosure are learning that they can stay in their homes for years, as long as they're willing to put up a fight. Among the tactics: Challenging the bank's actions, waiting to file paperwork right up until the deadline, requesting the lender dig up original paperwork or, in some … Continue reading Foreclosure Free Ride – Years of No Payment

1.17 Million Short Sales Initiated through Equator

Equator saw 1.17 million short sales initiated Default servicing technology company Equator says nearly 1.2 million short sales were initiated through its module over the past two years. The company tracks this data through its default servicing platform, which helps mortgage industry clients deal with loan modifications, short sales, deeds-in-lieu, foreclosure processing and REOs. Los … Continue reading 1.17 Million Short Sales Initiated through Equator

Fannie Mae Removes ‘Ability to Repay’ from HARP 2.0 Guidelines

Fannie Mae has updated its Selling Guide to reflect the recently announced changes to the Home Affordable Refinance Program (HARP). Most of the revisions had been previously announced in November, but there’s one nuance that stands out, and until this week, had been absent the HARP 2.0 discussion. Fannie Mae has removed the “reasonable ability … Continue reading Fannie Mae Removes ‘Ability to Repay’ from HARP 2.0 Guidelines

38% of 2011 Homes Purchased were bought with Cash

Study Finds 38% of Homes Purchased in 2011 Bought with Cash Despite record low mortgage rates, 2011 has seen a surprisingly high level of cash home purchases, according to the real estate research firm Hanley Wood Market Intelligence. Jonathan Dienhart and Ken Lee, two analysts with the company, say between tight lending standards and a … Continue reading 38% of 2011 Homes Purchased were bought with Cash

Lawmaker Presses for Criminal Investigation of GSEs

Sen. Scott Brown (R-Massachusetts) says the civil lawsuit filed by the Securities and Exchange Commission (SEC) last week against six former executives of Fannie Mae and Freddie Mac “does not go nearly far enough to achieve justice and accountability for the American people.” Brown is pressing the Department of Justice and the SEC to immediately … Continue reading Lawmaker Presses for Criminal Investigation of GSEs

Smaller Mortgage Originators In Demand

Smaller mortgage originators see surge in demand Despite a 2.6% drop in mortgage applications last week, some small mortgage firms say business is booming as homeowners race to nab low interest rates before year end. Leif Thomsen, CEO of Mortgage Master in Walpole, Mass., said about 80% of his firm's business is refinancing. However, he … Continue reading Smaller Mortgage Originators In Demand