The U.S. Housing and Urban Development (HUD) announced significant changes and new homeowner safeguards to its Distressed Asset Stabilization Program (DASP).
The biggest move is that mortgage servicers will now be required to stall foreclosure for one year in order to properly evaluate homeowners who are seeking to avoid foreclosure with the Home Affordable Modification Program (HAMP) or a similar loss mitigation program. This is great news for struggling homeowners who are desperately seeking assistance with their mortgages such as with a loan modification. (more…)
(Source: FICO) - Earlier this week, FICO announced that it had reached an agreement with the three main credit reporting agencies (TransUnion, Equifax, and Experian) that will allow housing and financial counselors to share with their clients their credit scores. This initiative, entitled the FICO® Score Open Access for Credit & Financial Counseling, will allow qualified and enrolled credit, housing, and financial counselors to provide their clients with their FICO scores along with other educational material about credit. FICO also announced that Experian has agreed to allow these qualified counselors to share Experian credit reports with their clients. (more…)
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(Source: Ohio Courts By Kathleen Maloney) - Although the party seeking a foreclosure must have standing (the right to sue) when the lawsuit is filed, proof of standing may be submitted after the filing of the complaint, the Ohio Supreme Court unanimously ruled today. (more…)
(Source: Sulaiman Law Group) OAK BROOK, Ill. - Alena Hammer secured a jury verdict against Residential Credit Solutions, Inc. (RCS), a national mortgage loan servicer headquartered in Fort Worth, Texas, for its breach of contract, violations of the Real Estate Settlement Procedures Act (RESPA), and violations of the unfairness and deception provisions of the Illinois Consumer Fraud and Deceptive Business Practices Act. All of Hammer’s claims dealt with RCS’s misconduct in handling and servicing the mortgage loan on Hammer’s home in DuPage County, Illinois, where Hammer has resided for the last 27 years. (more…)
(Source: FTC) - The Federal Trade Commission and Consumer Financial Protection Bureau don’t play games when it comes to making loan servicers pay for illegal and unscrupulous behavior. Case in point: Green Tree Servicing LLC.
Today, the FTC and CFPB reached a settlement with Green Tree. In a joint agency complaint, the FTC and CFPB alleged foul play: Green Tree committed a slew of unfair and deceptive practices in loan servicing, debt collection, and credit reporting that affected homeowners nationwide. (more…)
(Source: CN) - Wells Fargo breached a class-action settlement agreement on "Pick-a-Payment" mortgage loan modifications, a federal judge ruled.
Borrowers sued Wachovia Mortgage in 2009, alleging violation of state and federal law for failing to adequately disclose terms of Pick-a-Payment mortgage loans offered from 2003 to 2008. (more…)
(Source: FBI) - A two-count criminal information was filed charging Toledo woman with participating a fraudulent home loan modification conspiracy, said Steven M. Dettelbach, United States Attorney for the Northern District of Ohio. (more…)
(Source: NCRC) - Washington, DC – Today, in reaction to the Federal Housing Finance Agency’s (FHFA) announcement of small adjustments to the fees it charges lenders on loans guaranteed by the Government-Sponsored Enterprises (GSEs), the National Community Reinvestment Coalition’s (NCRC) Chief of Membership and Policy Jesse Van Tol made the following statement: (more…)
Green Tree Servicing Allegedly Deceived Homeowners, Many of Whom Were Already in Financial Distress
(Source: FTC) - A national mortgage servicing company will pay $63 million to resolve Federal Trade Commission and Consumer Financial Protection Bureau charges that it harmed homeowners with illegal loan servicing and debt collection practices. (more…)
(Source: FHFA) - The Federal Housing Finance Agency (FHFA) today announced that Fannie Mae and Freddie Mac (the Enterprises) are issuing revised requirements for private mortgage insurance companies that insure mortgage loans either owned or guaranteed by the Enterprises. The revised eligibility requirements set financial and operational standards that private mortgage insurers must meet to receive approved insurer status with Fannie Mae or Freddie Mac and are designed to reduce risk to the Enterprises. The requirements are effective December 31, 2015. (more…)
(Source: HUD) WASHINGTON – The U.S. Department of Housing and Urban Development (HUD) today awarded more than $36 million in grants to hundreds of national, regional and local organizations to help families and individuals with their housing needs and to prevent future foreclosures. HUD’s housing counseling grants and the additional funding they help to leverage will assist more than 1.5 million households find housing, make more informed housing choices, or keep their current homes. (more…)
(Source: Freddie Mac) -MCLEAN, VA - The following statement was released today by Dave Lowman, executive vice president of single family business at Freddie Mac: (more…)
Corporation Increases Loan Amount Eligible for Pooling MBS
(Source: Ginnie Mae) WASHINGTON, D.C. — Ginnie Mae today announced an improvement to its securitization program for U.S. Department of Agriculture (USDA) Section 538 loans. Effective June 1, 2015, USDA Section 538 Multifamily loans with a maximum loan amount of 70% of total development costs will be eligible for pooling into Ginnie Mae mortgage-backed securities (MBS). This is an increase from the previously allowable maximum loan amount of 50% of the total development costs. (more…)
(Source: MERS Corp.) Reston, Virginia — MERSCORP Holdings, Inc. today announced the Appeals Court of Massachusetts found in favor of Mortgage Electronic Registration System, Inc. (MERS) and upheld the validity of its assignment of a mortgage.
In Hoyt v. BAC Home Loan Servicing, L.P., the borrowers challenged the lower court’s finding that MERS’ assignment was valid. (more…)
(Source: Freddie Mac) MCLEAN, VA- Freddie Mac today announced that David Leopold, a long-time leader of affordable rental housing lending and investments, is joining the company on April 20, 2015, as vice president of affordable housing production for the Multifamily business. (more…)