The law firms, Kessler Topaz Meltzer & Check, LLP, Berger & Montague, P.C., and Lowey Dannenberg Cohen & Hart, P.C., announced today that a settlement in a class action has been reached with Litton Loan Servicing LP, The Goldman Sachs Group, Inc. and/or Arrow Corporate Member Holdings LLC. (more…)
Florida homeowners with an Ocwen mortgage who need help with their loans can get free assistance on Saturday, June 4 in Delray Beach, Florida.
The event is being help by the Florida State Conference of NAACP Branches, along with Ocwen Financial Corporation. It will be the first Help & Hope for Homeowners event to offer borrowers in Palm Beach County and the surrounding areas the opportunity to meet with Ocwen Home Retention Agents and U.S. Department of Housing and Urban Development (HUD)-approved financial counselors to explore loan modifications and other options to make their homes more affordable. (more…)
Home prices continue to rise in many housing markets across the U.S. according to new data released for March 2016 by the S&P/Case-Shiller Home Price Indices, and Black Knight Financial Services. House price growth has been particularly strong in recent years, averaging 5.6 percent annually according to the Federal Housing Finance Agency.
The S&P/Case-Shiller U.S. National Home Price Index, reported a 5.2% annual gain in March, down from 5.3% in April. Black Knight had said home values were up 1.2 Percent for the month of March, and 5.3% from this same time last year. (more…)
Nearly $40 million awarded through National Foreclosure Mitigation Counseling program to help more than 122,000 families
“Demand for funding is twice the money available”
Washington – NeighborWorks America today announced that nearly $40 million has been awarded to 21 state housing finance agencies (HFAs), 19 HUD-approved housing counseling intermediaries, and 60 community-based NeighborWorks organizations to provide counseling to families and individuals facing the threat of foreclosure. (more…)
PROVIDENCE, RI – U.S. Senator Jack Reed today announced that Rhode Island will receive an additional $629,160 in federal funding to continue providing housing counseling to struggling Rhode Islanders through NeighborWorks America’s National Foreclosure Mitigation Counseling (NFMC) program. This funding is in addition to $703,000 in NeighborWorks grants that Rhode Island received in March, bringing the state’s total to over $1.3 million this year. (more…)
BOSTON – A Hingham woman pleaded guilty today in U.S. District Court in Boston to defrauding mortgage companies in connection with multiple mortgages she obtained on a single residence.
Denise Bruce, 56, pleaded guilty to five counts of bank fraud. U.S. District Court Senior Judge Douglas P. Woodlock scheduled sentencing for Aug. 18, 2016. (more…)
WASHINGTON, D.C. – The Consumer Financial Protection Bureau (CFPB) has taken action against a former Wells Fargo employee for an illegal mortgage fee-shifting scheme. The CFPB found that David Eghbali referred a substantial number of loan closings to a single escrow company, which shifted its fees from some customers to others at Eghbali’s request. (more…)
WASHINGTON, D.C. – Mortgage applications increased 2.3 percent from one week earlier, according to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending May 20, 2016. (more…)
WASHINGTON, May 26 – The Multifamily Production Index (MPI), released today by the National Association of Home Builders (NAHB) remained essentially unchanged in the first quarter of 2016 after rising one point to 53. This is the 17th consecutive reading of 50 or above. (more…)
The Federal Trade Commission (FTC) has released a list of mortgage relief and debt assistance companies and people who have been banned, by federal court orders, from participating in some or all types of the business of debt relief. (more…)
Wells Fargo & Co. has agreed to pay $70 million to the U.S. Treasury as a civil penalty for mortgage servicing violations.
The Office of the Comptroller of the Currency (OCC) also terminated its mortgage servicing-related order against Wells Fargo after determining the bank is in compliance with the order. The termination lifts the June 2015 OCC imposed business restrictions, which includes providing or offering remediation to borrowers who received an incorrect loan modification denial. (more…)
Borrowers who apply for a new home loan are on average two to three times more likely to obtain new credit such as an car loan or credit card account over the next 12 months, and many of these same borrowers will open these line of credit as early as one month after getting a new mortgage, according to a new study by TransUnion. (more…)
Black Knight Financial Services released its April 2016 national mortgage statistics showing that foreclosure starts were at 58,700, which was the lowest level since April 2006.
The number of active foreclosures went below 600,000 for the first time since 2007.
However, the mortgage delinquency rate was 3.77% higher than the previous month, but still 10 percent lower than this same time last year.
Sales of newly constructed homes in April were at their highest level since the real estate and mortgage crisis began in 2008. According to the National Association of Home Builders (NAHB) new report, they had gone up 16.6% to a seasonally adjusted annual rate of 619,000 units. (more…)