Aged Foreclosure Population Sees Significant Improvement

Aged foreclosure inventory, which is comprised of residential mortgage loans in active foreclosure that are at least two years delinquent, has seen significant improvement in the last seven months, according to Black Knight Financial Services' May 2015 Mortgage Monitor released Monday. Black Knight examined approximately 468,000 active foreclosures at least two years delinquent and discovered … Continue reading Aged Foreclosure Population Sees Significant Improvement

Completed Foreclosures Decline But Remain At Double Pre-Recession Levels

While completed foreclosures on residential homes totaled 40,000 for April and have been steadily falling monthly for the last four years, they are still nearly double their pre-recession average per month, according to CoreLogic's April 2015 National Foreclosure Report released Tuesday. Completed foreclosures, which are a measure of homes actually lost to foreclosure, declined by … Continue reading Completed Foreclosures Decline But Remain At Double Pre-Recession Levels

Borrower fraud declines on FHA-backed mortgages

A study by quality control and assurance company Quality Mortgage Services shows that the percentage of misrepresentation of loans backed by the Federal Housing Administration declined 40% in 2011 from the prior year. But recent changes to the FHA streamlined refinance process could reverse that trend, analysts warn. Through a verification process and a series … Continue reading Borrower fraud declines on FHA-backed mortgages

Fannie Mae Exists to Expand the Affordable Housing Market

Fannie Mae exists to expand the affordable housing market and bring global capital to local communities to serve US housing markets. There are new changes for the short sales  -  (in an effort to stablize communities & avoid foreclosures) *  The documentation requirements are to be streamlined *  Deficiency judgements will be waived for borrowers … Continue reading Fannie Mae Exists to Expand the Affordable Housing Market

Fed considers ‘funding for lending’ program

The Federal Reserve and the Treasury Department are considering a program that would lend to banks at very low rates so long as those firms will re-lend the money in the form of consumer loans such as mortgages. "We're very interested in it," said Fed Chairman Ben Bernanke during a press conference Wednesday. The Bank … Continue reading Fed considers ‘funding for lending’ program

Rate of Properties Entering Shadows = Rate of Properties Finding Light

The current rate at which mortgage borrowers are falling into serious delinquency closely matches the rate of distressed sales – short sales and REO sales- according to CoreLogic’s latest report released Wednesday. While distressed sales are keeping the shadow inventory from growing, the quantity on record is not yet decreasing. In fact, today’s shadow inventory … Continue reading Rate of Properties Entering Shadows = Rate of Properties Finding Light

New York Reaches $25M Settlement Over MERS Actions

New York Attorney General Eric Schneiderman secured $25 million from three of the nation’s top servicing shops after filing a lawsuit early last month regarding foreclosures he says were improperly processed through Mortgage Electronic Registration System (MERS). Bank of America, JPMorgan Chase, and Wells Fargo will each pay the state of New York $5.9 million, … Continue reading New York Reaches $25M Settlement Over MERS Actions

Housing Crisis to End in 2012 as Banks Loosen Credit Standards

Capital Economics expects the housing crisis to end this year, according to a report released Tuesday. One of the reasons: loosening credit. The analytics firm notes the average credit score required to attain a mortgage loan is 700. While this is higher than scores required prior to the crisis, it is constant with requirements one … Continue reading Housing Crisis to End in 2012 as Banks Loosen Credit Standards

Is the decline in home value slowing down?

LPS index shows home value declines slowing down Wednesday, January 11th, 2012, 8:00 am The latest home price index from Lender Processing Services (LPS: 15.40 +0.13%) shows a slight 0.8% decline in home prices in October. Early data also suggest home prices declines stabilize even more in November with a slight dip of 0.5% nationally. … Continue reading Is the decline in home value slowing down?

Illinois’ housing recovery hinges on jobs

For most of the housing crisis, Chicago-area homebuilders and real estate agents have repeatedly said thank goodness they weren't trying to do business in such housing boom and bust states as Florida, California, Arizona and Nevada, which experienced frenetic homebuilding and skyrocketing home values. If the most recent forecast from the National Association of Home … Continue reading Illinois’ housing recovery hinges on jobs