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Newsletter – June 2014

Newsletter - June 2014 Between 2014 and 2019, there are between $170 billion and $200 billion worth of home equity lines of credit (HELOCs) poised to reset. This fact hangs over the limping economy like a Florida thunderstorm. Some experts are naturally concerned that higher mortgage rates will send another…

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3 Ways 2014 is Starting to Look Like 2008 (UH-OH…)

Newsletter - May 2014 Just the mere thought of 2008 makes you cringe, right? That fateful year altered the trajectory of so many of our lives. So if I say that there are signs popping up THIS year that look an awful lot like the ones we ignored in 2008,…

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CFPB Sends Clear Message: Clean Up Your Documentation!

Newsletter - April 2014 In a February address to the Mortgage Bankers Association, the deputy director of the Consumer Financial Protection Bureau (CFPB), Steven Antonakes, delivered some pointed remarks that served as a wakeup call of sorts around the mortgage servicing industry. The speech’s overall theme was one of warning.…

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Small Lenders: Get out of the Qualified Mortgage Business in 2014

A recently released housing outlook report by Citibank analysts notes that return on equity in the mortgage servicing sector is expected to drop to around 15% from the high of 40% before the housing market crashed. This reality, in combination with the changes coming to the industry, caused the Citi…

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CFPB Releases Final Guidelines for Servicers

Newsletter - October 2013 In September, the Consumer Financial Protection Bureau (CFPB) announced final guidelines to help mortgage servicers comply with the bureau’s new standards. In January 2013, the CFPB presented national lending and servicing standards that are set to take effect January 2014. A few purposes of the standards…

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Good News or Bad News for US Foreclosure Climate? You Decide.

Newsletter - September 2013 Foreclosure experts are suggesting the foreclosure crisis in the United States may be coming to an end. Foreclosure petitions haven’t been as low since before the crisis in 2006. With homes in short supply, property values are rising, giving borrowers the ability to sell high enough…

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Judicial Foreclosures Continue to Lengthen Foreclosure Timelines

Judicial foreclosure states are facing extended foreclosure timelines and creating a property backlog. What does this mean for residential mortgage-backed security (RMBS) investors? Longer timelines can mean greater risks. The latest Servicer Dashboard report suggest RMBS investors in judicial foreclosure states will notice increased carrying costs to accompany the extended…

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National Statistics Point to Economic Recovery

National statistics reported by Lender Processing Services, Inc. show signs of economic recovery. As a nation, we are still surrounded by many challenging situations, such as an overwhelming number of mortgage delinquencies, short sales, and foreclosures. However, a slow decrease of delinquencies and lowered national foreclosure rates are signs leading…

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Dropping Foreclosure Rates Show Signs of Economic Recovery

With only a few months left on the calendar, 2013 could finish with the lowest foreclosure rate in six years. “Underwater” is still a term too common in most states, however the national foreclosure rate lowering is a sign of an improving economy. While there’s still work to do, Americans…

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Shadow Inventory Continues to Slow Local Housing Market Recovery

During the market downturn in 2008 and 2009, only 15 to 20 percent of foreclosed homes made it to the market, according to the National Association of Realtors. That left up to 85 percent of the market foreclosed and bought by banks, creating the real estate epidemic known as “shadow…

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Slight Rise in Foreclosures After 78-month Low

After a 78-month low in June, foreclosure filings increased 2 percent this July, according to RealtyTrac’s recent U.S. Foreclosure Market Report. RealtyTrac also found 6 of the top 10 foreclosure rates to be in judicial states, where the lender is required to first file and win a lawsuit for the…

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Backlogged Foreclosures are Hitting Maryland Residents

For the United States, housing prices peaked in 2006, and started their decline throughout the nation shortly after.  In 2007, the U.S. Secretary of Treasury stated the condition of the housing market as being, “the most significant risk to our economy,” according to a Wikipedia article on the U.S. housing…

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Now Foreclosing in Florida Will Take Far Less Time

HB 87, or the Florida Fair Foreclosure Act, became law this July, changing the foreclosure landscape in Florida. At a glance, the new law has been put in place to speed up the foreclosure process, applying to all pending foreclosures and any case filed on or after July 1, 2013.…

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Dodd-Frank Act Raises Concerns on Loan Availability

Three years after the enactment of the Dodd-Frank Act, the full impact on home lending still remains a question mark. Real estate professionals and lawmakers continue to debate the influence and impact of the act. During the House Financial Services Subcommittee on Financial Institutions and Consumer Credit experts shared fears…

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45 of 50 Top Markets Predicted to Increase Home Value this Year

The second half of 2013 is likely to see home-value prices increase for 45 of the top 50 metropolitan markets, according to Clear Capital’s Home Data Index Market Report. Experts at Clear Capital, a real estate-solution provider based in Truckee, California, suggest the price increase forecast hints to a balanced…

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June Shows For-Sale Inventory Improvement from Last Year, Reports Zillow

The year-to-date inventory of for-sale listings nationwide has improved, as reported by Zillow. While 2013 may have begun with low numbers and alarming statistics compared to last year, Zillow reported an increase of for-sale listings beginning in June. Experts suggest as the demand for homes increases, it is a matter…

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The Best is Yet to Come, Reports Deutsche Bank

While short sale, foreclosure, and bank-owned property are hot topics for the housing market, the market may be on the upswing for 2013. Joseph LaVorgna, chief US economist at Deutsche Bank, recently tweeted #Housing sector poised to add a full percentage point to #growth. The tweet included a link to…

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YouTube Videos by CFPB Help Explain New Mortgage Regulations

As our nation recovers from the worst financial crisis since the Great Depression, the Consumer Financial Protection Bureau (CFPB) is doing its part to make new mortgage regulations understandable and user-friendly. In a video released by the CFPB, Director Richard Cordray said, “These videos are part of a larger effort…

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Top Lenders Are Scoring “Passing” Marks at Compliance Testing

Our nation’s top servicers received mainly “passing” scores on a recent compliance test released by the National Mortgage Monitor. The servicers who were tested are Bank of America, Wells Fargo, CitiGroup, Chase, and ResCap. While at first glance, the servicers received failing scores in the loan modification documentation timelines and…

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Stabilization in Housing Market May Positively Affect U.S. Economy

Starting in 2013, the housing market may have a direct and positive impact on our country’s economic growth. Experts are projecting a boost in new home sales, existing home sales, and permits for this year. In recent years, the U.S. economy has been recovering from the recession with increased consumer…

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Foreclosure Sales Halted After New OCC Guidelines are Introduced

In early May, JPMorgan Chase, Citigroup, and Wells Fargo drastically slowed sales of foreclosures to nearly a halt. Regulations have been revised and new guidelines have been presented, mainly of the treatment of troubled borrowers during the last 60 days before losing a home. Three banks - JPMorgan Chase, Citigroup,…

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Is the Foreclosure Processor Market Consolidating to Larger Players?

Earlier this year, two foreclosure processors exited the real estate market, signaling a possible change in the waters. In March 2013, Titanium Solutions announced the closing of the company and Prommis Holdings filed for Chapter 11 bankruptcy. Could this mean a change in the market dynamics? Will more companies be…

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Freddie Mac Blamed with ‘Inadequate’ Reporting of Serious Cases

Freddie Mac, the Federal Housing Finance Agency, and Freddie Mac servicers have fallen short to report escalated customer complaints, according to a report from the Inspector General for the Federal Housing Finance Agency. Also, ranking member of the House Committee on Oversight and Government Reform, Congressman Elijah Cummings, D-MD, has…

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Majority of Foreclosures are Held by Top 10 Banks

Since the peak of the housing bust, the monthly number of foreclosures has been coming down steadily. According to the National Association of Realtors, home sales are increasing and a lower percentage of these sales are from distressed mortgages. Signs may be pointing to realty recovery, but as of February…

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First California, Now Nevada Backs Local Homeowner Bill of Rights

As of January 1, 2013, the California Homeowner Bill of Rights (HBOR) went into effect, prohibiting unfair bank practices and altering how California banks, foreclosure attorneys, and homeowners interpret the default foreclosure process. California homeowners should inform themselves of their options and rights. The law aims to keep homeowners in…

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