Servicing

A total of 17,781 Illinois properties received a filing of default, auction or repossession in August, up 42% from a year earlier and the eighth straight monthly increase on an annual basis.

FHA residential servicers completed 27,150 short sales during the first nine months of fiscal year 2012, a 65% spike in such transactions.

The ultimate goal default management firms have when maintaining REO properties on behalf of servicers is to provide their clients’ nonperforming assets with the greatest amount of value so they can be sold for more money.

The Federal Housing Administration is bracing for a large spike in insurance claim payments now that servicers have adjusted to the requirements of the $25 billion robo-signing settlement with the nation’s attorneys general.

It takes an average of 56.3 months, or almost five years, from a missed payment to the liquidation of a mortgaged property in New York.

JPMorgan Chase recently dismissed 74 employees in Florida as the lender shuffles staff to accommodate demand for mortgage refinances.

The House passed a bill that requires the Federal Housing Administration to submit a plan to Congress on how it intends to avoid a government bailout of its financially strapped mortgage insurance fund.

Distressed asset liquidation timelines will continue to coerce the decision making process for both lender-servicers and homeowners.

Demand for foreclosed properties is heating up in certain markets where the supply is shrinking at increased speed.

Government entities, investors and lenders are embracing efforts to minimize foreclosure related losses by keeping properties occupied.