CalHFA Mortgage Program Handbook for Conventional Home Loans

The California Housing finance agency or CalHFA was established in 1975 to help support the needs of renters and homebuyers in the state of California with safe loan products and affordable housing opportunities for low to moderate income Californians.

Over the years they’ve developed various home loan programs, grant programs, and free assistance to consumers, lenders, Realtors, and nonprofits. They also provide free education and handbooks on these products. (more…)

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Maryland Law Office of Daniel M. Radebaugh Charged in Alleged Illegal Loan Modification Scam

Maryland Attorney General Brian E. Frosh announced this past week that the Consumer Protection Division filed charges against a Maryland law firm and its founding lawyer for allegedly charging illegal up-front loan modification fees to approximately 400 consumers, and for not refunding money as promised to clients after failing to negotiate successful loan modifications.

The law firm that was targeted by law enforcement was the Law Office of Daniel M. Radebaugh, LLC, and its founder Daniel M. Radebaugh. (more…)

Citi Fails Loan Modification Compliance Test for the National Mortgage Settlement

A new report by an independent monitor of the National Mortgage settlement shows that the mortgage servicing giant, Citi, has failed a compliance test in regards to loan modification metrics.

The mortgage settlement was the largest consumer financial protection settlement in US history and has provided over $50 billion in assistance to distressed borrowers, and direct payments to signing states and the federal government. The agreement settled state and federal investigations finding that the country’s five largest mortgage servicers routinely signed foreclosure related documents outside the presence of a notary public and without really knowing whether the facts they contained were correct. Both of these practices violate the law. (more…)

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CFPB Finds 90 Percent of Private Student Loan Borrowers Who Applied for Co-Signer Release Were Rejected

Industry Inquiry Reveals Problems for Consumers Seeking to Prevent Auto-Defaults

(CFPB) WASHINGTON, D.C. — Today the Consumer Financial Protection Bureau (CFPB) Student Loan Ombudsman released a report finding high rates of consumers are being rejected for co-signer release on their private student loans, based on its review of industry practices. The Bureau uncovered problematic industry practices that may be disqualifying some consumers from securing a co-signer’s release from their loans. (more…)

VA Loan Appraisal Requirements

If you are a veteran or a surviving spouse and are interested in securing a VA home loan, you will eventually have to go through the VA home loan appraisal process in order to be approved for a mortgage. As the name suggest, things are fairly straightforward: the VA will order the appraisal and the Department of VA will put an approved independent appraiser of choice in charge of your case. (more…)

Three Californians Involved in Loan Modification Scam Guilty of Federal Fraud Charges

A group of white-collar thugs from California were found guilty this week in a seven million dollar loan modification scam that targeted approximately 5,000 financially distressed homeowners across the nation.

The mortgage fraud was operated from 2008-2009 by several people from Southern California in the city of Rancho Cucamonga through a now defunct company called “21st Century Legal Services.” (more…)

Freddie Mac Executes Sale of First Extended Timeline Offering of Seriously Delinquent Loans From Its Investment Portfolio

(Source: Freddie Mac) MCLEAN, VA- Freddie Mac (OTCQB: FMCC) announced today it sold via auction 157 deeply delinquent non-performing loans (NPLs) from its mortgage investment portfolio on June 3, 2015. All the properties backing these loans are located in Miami-Dade County, Florida. The loans have an aggregate unpaid principal balance (UPB) of $31 million. The transaction is expected to settle in late July 2015. (more…)

Black Knight’s April Mortgage Monitor: 62% of Seriously Delinquent Loans Have Undergone Home Retention Actions;

Florida Sees Greatest Backlog Improvement

  • Retention actions down 42 percent over past two years, but up 9 percent as share of 90+-day delinquencies
  • 70 percent of new trial modifications or payment plans have already been through one or more retention actions
  • Florida, New York and New Jersey make up 28 percent of remaining 90+-day delinquent and foreclosure inventory
  • “Time to clear” backlog in Washington, D.C., tops 43 years at current rate of foreclosure sales; still down almost half from peak

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Freddie Mac Executes Its Third Sale in 2015 of Seriously Delinquent Loans From Its Investment Portfolio

(Source: Freddie Mac) MCLEAN, VA – Freddie Mac (OTCQB: FMCC) today announced that on May 21st it sold via auction 1,052 deeply delinquent Ocwen serviced non-performing loans (NPLs) from its mortgage investment portfolio as part of its Standard Pool Offerings (SPO). The loans have an aggregate unpaid principal balance (UPB) of $201 million. The transaction is expected to settle in July 2015. This is the third SPO offering 2015 year-to-date. (more…)

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