Servicing

More than three years after The Hardest Hit Fund was established, just 22% of the $7.6 billion has been spent on relief efforts to help distressed borrowers, a TARP IG report says.

The housing recovery for Massachusetts is in full effect as foreclosure petitions, foreclosure deeds and auction announcements all dropped by double-digit percentages in September from last year.

Michigan’s new public, private civic partnership is implementing a revitalization philosophy likely to transform metro Detroit and some of the nation’s hard-hit areas with high inventories of abandoned homes.

While the housing market is slowly picking up steam, there is still a very large inventory of distressed loans that pose a potential risk to the mortgage industry.

Servicers are still finding ways to cope with heightened regulatory scrutiny and continue to evaluate options to increase efficiencies while maintaining legal compliance.

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The title insurer will raise the funds by selling stock and taking a bridge loan.

The market for bank-owned assets is inefficient and fragmented. Buyers have to search dozens of websites, sift through hundreds of potential leads, and track down sellers from incomplete or out of date listings to find what they are looking for.

Big banks are notorious for “hire and fire” tactics whenever there’s a hiccup in mortgage originations. Middle-market lenders can take advantage of this by pouncing on highly qualified staff they could not afford when the large banks were hiring.

PCV Murcor’s ValuationsDirect makes it easier for mortgage brokers and correspondents to not only pay for a borrower’s appraisal, but track the status of a report.