Team Thayer Property Servicing

While both non-foreclosure mortgage solutions and completed foreclosures were down over the year in July, the ratio remained virtually the same—more than four solutions for every foreclosure sale, according to  data for July 2015  released by non-profit alliance  HOPE NOW . The mortgage industry reported about 122,000 non-foreclosure solutions (including short sales, deeds-in-lieu of foreclosure, and other workout plans) for July, while about 29,000 foreclosures were completed. These numbers compare with 157,000 and 39,500, respectively, for July 2014, according to HOPE NOW. "At the end of June, the mortgage industry hit significant milestones for loan solutions and proprietary loan mods—24 million and six million respectively," said Eric Selk, Executive Director of HOPE NOW. "Based on July’s data, it is clear that servicers continue to work with customers to offer the best options —whether they are permanent, short term or liquidation. In fact, looking at the ye...

Foreclosure volumes are near pre-crisis levels in many parts of the country seven years after the housing crisis, and the landscape is still constantly evolving. New and revised regulations coming from Capitol Hill are keeping mortgage lenders, servicers, and attorneys on their toes as far as compliance. How easy or difficult has it been to adjust? Team Thayer Housing news Eugene Oregon Participants in the Foreclosure Lab at the  2015 Five Star Conference and Expo  in Dallas on Thursday weighed in on this question and other topics such as the foreclosure statute of limitations and how to maintain a pipeline while the housing market is largely recovered and foreclosure inventory is way down from its levels of five and six years ago. "In our industry, there is only so much that we can control," said Daniel Chilton, managing attorney with Citi . "I believe that it's cyclical, and I believe that as defaults go back up, a key indicator will be as interest rate...

Freddie Mac   announced on Wednesday  its largest sale ever of deeply delinquent, non-performing loans from its mortgage investment portfolio, consisting of 5,208 loans serviced by  Ocwen Financial  with an unpaid principal balance (UPB) of approximately $1.1 billion. The sale was completed five days before the announcement (on September 11) and the transaction is expected to settle in October 2015. The sale is part of Freddie Mac's Standard Pool Offerings (SPOs). The loans offered were delinquent by an average of three and a half years, meaning that the borrowers were likely previously evaluated for loss mitigation options or in some stage of loss mitigation or foreclosure, according to Freddie Mac. Approximately 33 percent of the aggregate pool balance consisted of loans that were modified and later became delinquent. The aggregate pool has a loan-to-value ratio of approximately 91.1 based on broker price opinion and is geographically diverse, according to ...