Federal and state regulators are urging mortgage servicers to be "proactive" and assist homeowners who are facing a jump in their monthly payments due to an approaching reset of their adjustable-rate mortgage.Servicers should assess the full extent of their authority under pooling and servicing contracts to see if they have the flexibility to contact borrowers in advance of loan resets, according to a joint Statement of Loss Mitigation Strategies for Servicers issued by the regulators. "With declines in housing prices in some areas and tighter credit for subprime loans, it is vital that mortgage servicers work proactively with borrowers facing much higher payments as their interest rates reset," FDIC Chairman Sheila Bair said. "Our work with leading accountants, attorneys, trade groups and market participants has confirmed that servicers of securitized mortgages have the authority under the accounting and tax rules, as well as securitization documents, to proactively help deserving borrowers."
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In an interview, Candor Technology's Sara Knochel recounts how she applies her childhood interest in languages and numbers to crucial home lending issues.
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Equity is entitled to a little over $70,000 worth of damages.
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Audited financials, proof of fidelity bonds and errors and omissions insurance must be provided on Ginnie Mae Central after May 13.
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