| Trade Group Wants Specialty Servicers for Modifications The Association of Mortgage Investors is calling for the use of "specialty servicers" to modify and write down delinquent single-family loans, second mortgages, and other consumer debt. -- NMN,Admin,New York NY 01/14/2011
Free Online Resource Aims to Help Americans Facing ForeclosureFree online software for the creation of personalized mortgage modification applications under the federal Home Affordable Modification Program (HAMP) and other lender programs is now available from FreeMortgageFix.com. The company says paperwork is undeniably the No. 1 reason for the delays with the HAMP loan modification program and unnecessary denials and it believes its online program is the answer. -- DSNews.com,Admin, 01/14/2011
LRES Deploys DepotPoint Technology to Manage REO Sales DemandLRES Corporation, a provider of valuations and asset management for the mortgage, banking, and real estate industries, now uses TrackPoint REO technology to facilitate real estate-owned transactions on behalf of its clients. Created by DepotPoint, Inc., TrackPoint is a workflow and tracking system and the foundation of DepotPoint's default servicing applications, including TrackPoint Loss Mitigation and TrackPoint REO. -- DSNews.com,Admin, 01/12/2011
FDIC May Have Stricter Servicing Rules in the Works For BanksReports have surfaced that the FDIC is contemplating stricter requirements that would force banks to disclose what potential ramifications a loan modification on a first lien they service would have on an underlying lien.
Industry analysts have speculated that servicers may be reluctant to modify a primary loan because the bank that services the loan also holds the second lien. Such an arrangement could be considered a conflict of interest and prompts some to wonder if investors would be swayed if they knew of the arrangement beforehand. -- DSNews.com,Admin, 01/11/2011
Class Action Complaint Filed Against EMC Mortgage and Bear Stearns for Loan Mod BreachKeller Rohrback LLP has announced that a class action has been filed in the United States District Court for the Eastern District of Washington on behalf of all mortgagors in the State of Washington whose home mortgage loans are serviced by EMC Mortgage Corporation and who (a) have attempted to obtain loan modifications of their loan terms from EMC; and (b) have made payments pursuant to a "Repayment Agreement," a Home Affordable Modification Program (HAMP) trial modification plan, or any other temporary modification plan. -- NationalMortgageProfessional.com,NMP Media Services, 01/11/2011
Credit Union Mortgage Association Releases New Harmony Rate-Resetting ProductCredit Union Mortgage Association (CUMA) has announced its new residential mortgage product that allows the consumer to initiate the change in their interest rate mortgage, the Harmony loan. The Harmony loan is a consumer-initiated interest-resetting mortgage. It allows homeowners an automatic rate-reset modification option, and no additional paperwork. The consumer manages their own loan and decides when they want to refinance. Just a “click” and the loan is reset. -- NationalMortgageProfessional.com,NMP Media Services, 01/10/2011
Mortgage Fraud Examiners Warns To Beware of The Latest Foreclosure Scam-Forensic Loan AuditsRESTON, VA, January 10, 2011 /24-7PressRelease/ -- When the mortgage crisis hit American homeowners full-force, companies offering `foreclosure rescue` and `loan modification` companies sprouted like weeds. Most promised troubled homeowners quick fixes for high fees, and failed to deliver after collecting their money, leaving families poorer and closer to homelessness. -- 24/7 Press Release Newswire,Mortgage Fraud Examiners, 01/10/2011
Modifications of Commercial Loans More than DoubledModifications of securitized commercial real estate loans more than doubled in 2010 from the previous year, according to a new report from Standard & Poor's. -- NMN,Admin,New York NY 01/07/2011
Fannie Creates Video to Show Loss Mit OptionsFannie Mae's latest homeowner outreach program is a website with links to resources and information for borrowers who want to avoid foreclosure. -- NMN,Admin,New York NY 01/06/2011
Proprietary Loan Modifications Drop; HAMP UpResidential servicers that are part of the HOPE NOW alliance completed 112,022 loan modifications in November, a 10% drop from the previous month as proprietary modifications fell to their lowest level since the fall of 2009. -- NMN,Admin,New York NY 01/06/2011
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