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Distressed

Foreclosure filings up 14%, vacant property blight still low

Distressed, Foreclosures, Servicing /

New “zombie” property numbers from Attom show that to date they haven’t changed much despite a spike in foreclosure filings. Foreclosure filings jumped 14% in April compared to the same month the previous year, but property vacancies remained stable, according to Attom’s second quarter report. ICE Mortgage Technology’s recent report also noted a marked increase […]

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VA-backed loans drive foreclosure spike

Distressed, Housing markets, Servicing /

Foreclosures and distressed mortgage volume came in higher from a year ago after recent servicing policy changes, while prepayments also accelerated last month despite ongoing volatility. Although still low historically, foreclosure filings, including starts, inventory and sales, all ended up higher on an annual basis for the second month in a row in April, according

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Calls for VASP reintroduction come from housing advocates

Distressed, Politics and policy, Servicing, The VA /

A consortium of consumer advocacy groups and legislators called for the re-establishment of an expired Department of Veterans Affairs program that kept thousands of service members out of foreclosure.  The National Consumer Law Center criticized the VA for allowing the Veterans Affairs Servicing Purchase program to lapse without a sufficient replacement. The program, which previously

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CFPB proposes end to pandemic servicing requirement

CFPB News & Analysis, Distressed, Politics and policy, Servicing /

The Consumer Financial Protection Bureau published a proposed rule in the Federal Register on Friday that could scale back some procedures added for mortgaged homeowners with hardships due to COVID-19. The temporary requirements added during the pandemic have largely sunset, and one aspect that has not is on track to be addressed by a planned

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Servicers: Fannie Mae replatforming some workout functions

Distressed, Mortgage technology, Secondary markets, Servicing /

Fannie Mae has announced plans to discontinue use of a platform used to handle certain distressed mortgage processes and is directing mortgage professionals using it to take certain steps in response. Servicers must leave the HomeSaver Solutions Network, which is utilized for loan workout reporting functions, and transition to a broader platform Fannie provides to

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VA foreclosures surge to 5-year high

Distressed, Foreclosures, Industry News, Servicing /

The expiration of the Department of Veterans Affairs loss-mitigation program drove an overall rise in foreclosures to start 2025, with the jump among VA loans the highest in decades, according to the Mortgage Bankers Association.  The share of mortgages in foreclosure relative to total volume increased to 0.49% in the first quarter, up 4 basis

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