Servicing

Depending on whose foreclosure data you believe, the case is that more than five million units make up the current excess housing inventory in the United States. CoreLogic reports that north of 1.6 million units are in the foreclosure process, with more than 750,000 units that are “seriously delinquent,” meaning that the attached mortgages are 90 or more days late.

When we turn the calendar to 2012, the U.S presidential race will heat up. America's housing crisis is certain to be a hot campaign issue, and we will have no shortage of suggestions to stabilize communities—from expanded programs to purchase and redevelop vacant and foreclosed properties, to assistance to either buy a home or prevent foreclosure.

When a potential homebuyer is looking for a house, many variables are taken into account, but generally location, location, location are the top three. This becomes an especially important consideration if the family involved has children who will be attending public school. Homes in school districts with the most generously filled coffers and highest ratings are always in demand, despite downturns in the real estate market.

Large servicers are now embracing the notion of using special servicers to leverage their internal capacity, and finding that doing so creates an opportunity to involve all the necessary parties in the process through a single, integrated approach.

RealtyTrac reported today that foreclosure activity decreased by 3 percent compared to the previous month, and by 14 percent compared to November of 2010, but that a nine-month high in scheduled foreclosure auctions suggested that a “new set of incoming foreclosure waves” may be coming. I’m not so sure I agree.

Many organizations are feeling the impact of a stagnant housing market. Homeowners associations (HOAs) are no exception, but the pain they experience is also felt by mortgage servicers and investors.

Large servicers are now embracing the notion of using special servicers to leverage their internal capacity, and finding that doing so creates an opportunity to involve all the necessary parties in the process through a single, integrated approach.

Accountability is about responsibility, the responsibility to answer for your actions. The largest bank failure in U.S. history happened in 2008 with the colossal collapse of Washington Mutual. Three high-ranking executives, who were brought to task, recently reached a $64.7 million settlement with bank regulators.

The complex issue of how Wall Street relates to Main Street brought into the limelight by the Occupy Wall Street movement was in fact delivered by the ongoing economic crisis and the seemingly never-ending foreclosure disaster.

November was the second best month of last year in terms of new private mortgage insurance written, but new applications received declined from October, according to the Mortgage Insurance Cos. of America.