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Thursday, July 28, 2011
Home Prices May Not Have Hit Bottom Yet
Home prices, which have been sputtering along for much of the year, are likely to dip further by the end of 2011, by approximately 10%, according to the results of a nationwide industry survey of real estate agents. http://campbellsurveys.com/housingpulse/Pulse.htm The shadow inventory will continue to effect the real estate market for another 2-5 years.
Fannie Implementation of New Delinquency Management Rules
Fannie Mae has issued a notice to servicers alerting them of a change in the effective date for new delinquency management and default prevention requirements.
Fannie is pushing the date by which servicers must implement the new requirements out by a month to October 1, 2011. Fannie Mae’s and Freddie Mac’s procedures for handling past-due mortgages are being brought in line with one another.
https://www.efanniemae.com/sf/guides/ssg/annltrs/pdf/2011/ntce072011.pdf
https://www.efanniemae.com/sf/guides/ssg/annltrs/pdf/2011/svc1108.pdf
Fannie is pushing the date by which servicers must implement the new requirements out by a month to October 1, 2011. Fannie Mae’s and Freddie Mac’s procedures for handling past-due mortgages are being brought in line with one another.
https://www.efanniemae.com/sf/guides/ssg/annltrs/pdf/2011/ntce072011.pdf
https://www.efanniemae.com/sf/guides/ssg/annltrs/pdf/2011/svc1108.pdf
Freddie Mac Announces New Servicer Success Program
Freddie Mac announced its new Freddie Mac Servicing Success Program 7/25/11. The program features two major components – the Servicer Success Scorecard and the Servicer Success File Reviews – designed to further the GSE’s efforts to track and recognize “servicing excellence.” Freddie Mac’s new scorecard replaces the former tier-rating structure with performance rankings that measures servicers’ success relative to one another.
The second component of the program, the Servicer Success File Reviews, will identify potential challenges with servicers’ loss-mitigation actions.
The Freddie Mac Servicing Success Program is effective August 1, and servicers will be able to access their new scorecard on Freddie Mac’s Servicer Performance Portfolio website October 7.
Proxy credit scores for the Home Affordable Modification Program’s (HAMP) Net Present Value have changed. Effective immediately, for HAMP-eligible Mortgages where no Borrower has an available credit score,the Servicer must use 557 as a proxy credit score when performing the Treasury NPV Model evaluation.
Furthermore, if a Borrower has a credit score, but it is below 250, the Servicer should input 250 as the
credit score into the Treasury NPV Model. Documentation of an unavailable credit score, or a credit score
below 250, must be retained in the Mortgage file and provided to Freddie Mac upon request. The proxy
credit score and the minimum credit score of 250 rules may not be used as an input into Imminent Default
Indicator®.
http://www.freddiemac.com/sell/guide/bulletins/pdf/bll1113.pdf
The second component of the program, the Servicer Success File Reviews, will identify potential challenges with servicers’ loss-mitigation actions.
The Freddie Mac Servicing Success Program is effective August 1, and servicers will be able to access their new scorecard on Freddie Mac’s Servicer Performance Portfolio website October 7.
Proxy credit scores for the Home Affordable Modification Program’s (HAMP) Net Present Value have changed. Effective immediately, for HAMP-eligible Mortgages where no Borrower has an available credit score,the Servicer must use 557 as a proxy credit score when performing the Treasury NPV Model evaluation.
Furthermore, if a Borrower has a credit score, but it is below 250, the Servicer should input 250 as the
credit score into the Treasury NPV Model. Documentation of an unavailable credit score, or a credit score
below 250, must be retained in the Mortgage file and provided to Freddie Mac upon request. The proxy
credit score and the minimum credit score of 250 rules may not be used as an input into Imminent Default
Indicator®.
http://www.freddiemac.com/sell/guide/bulletins/pdf/bll1113.pdf
Bouskia
The party seeking foreclosure must present evidence that it owns and holds the note and mortgage to establish standing to proceed with a foreclosure action. Servedio v. U.S. Bank Nat. Ass’n, 46 So. 3d 1105 (Fla. 4th DCA 2010). Because a promissory note is a negotiable instrument and because a mortgage provides the security for the repayment of the note, the person having standing to foreclose a note secured by a mortgage may be either the holder of the note or a nonholder in possession of the note who has the rights of a holder. See § 673.3011, Fla. Stat. (2009); Taylor v. Deutsche Bank Nat. Trust Co., 44 So. 3d 618 (Fla. 5th DCA 2010). An allegation of default in a complaint must be proven by competent evidence. See Terra Firma Holdings v. Fairwinds Credit Union, 15 So. 3d 885 (Fla. 2d DCA 2009).
(“In circumstances such as these where the moving party’s allegations raise a colorable entitlement to rule 1.540(b)(3) relief, a formal evidentiary hearing on the motion, as well as permissible discovery prior to the hearing, is required.”).
(“In circumstances such as these where the moving party’s allegations raise a colorable entitlement to rule 1.540(b)(3) relief, a formal evidentiary hearing on the motion, as well as permissible discovery prior to the hearing, is required.”).
Shared Appreciation
Ocwen Financial Corp. has initiated an equity-sharing loan modification program designed to assist underwater borrowers. Under the Shared Appreciation Modification (SAM) program, which Ocwen began piloting last August, the principal of a delinquent loan is written down to 95% of the current market value of the home. The written-down portion is forgiven in one-third increments over the next three years, provided the borrower stays current on his or her mortgage. When the house is later sold or refinanced, the borrower must share 25% of the appreciation with the investors that own the loan.
http://www.globenewswire.com/newsarchive/ocn/ocn_news.html
http://realtormag.realtor.org/daily-news/2011/07/27/bank-we-ll-reduce-your-loan-you-share-future-appreciation
http://www.globenewswire.com/newsarchive/ocn/ocn_news.html
http://realtormag.realtor.org/daily-news/2011/07/27/bank-we-ll-reduce-your-loan-you-share-future-appreciation
MERS
Mortgage Electronic Registration Systems, Inc. (MERS) is withdrawing from the foreclosure business. MERS has issued a notice to its members stating that no foreclosure proceeding may be initiated and no legal proceedings in a bankruptcy may be filed in the name of MERS. Amid an onslaught of court filings and foreclosure-related investigations, MERS proposed a rule change in March banning its members from using MERS as the foreclosing agent. The policy change has officially been adopted. http://www.dsnews.com/articles/mers-bows-out-of-foreclosure-and-bankruptcy-proceedings-2011-07-27
The policy change was officially adopted last week and carries an effective date of July 22, 2011
Note
Fannie Mae, Freddie Mac, several large servicers, and a number of foreclosure attorneys representing lenders have stopped foreclosing in the name of MERS already
Bankruptcy Mediation Program
Orlando's two bankruptcy judges sent 295 cases to mediation last year and 60 cases received modifications. Through June this year, 190 of 415 received modifications.
By comparison, less than 4 percent of the nearly 58,000 cases sent to state mediation from March through November 2010 were successfully modified.
http://www.tampabay.com/news/business/realestate/federal-bankruptcy-program-works-to-keep-people-in-their-homes/1178939
In the Orlando federal program, homeowners pay a $350 mediation fee and some additional attorney fees. In contrast, lenders pay $750 for each case in state courts.
I recommend mediator :
Ken Bowen, Esq.
204 37th Ave. No., #313
St. Petersburg, FL 33704
727-481-2679
www.PinellasMediation.com
He is one of three (3) foreclosure mediators on the Tampa Bankruptcy Court List and he has the best price. Tampa's program does not have a price limit as of yet.
By comparison, less than 4 percent of the nearly 58,000 cases sent to state mediation from March through November 2010 were successfully modified.
http://www.tampabay.com/news/business/realestate/federal-bankruptcy-program-works-to-keep-people-in-their-homes/1178939
In the Orlando federal program, homeowners pay a $350 mediation fee and some additional attorney fees. In contrast, lenders pay $750 for each case in state courts.
I recommend mediator :
Ken Bowen, Esq.
204 37th Ave. No., #313
St. Petersburg, FL 33704
727-481-2679
www.PinellasMediation.com
He is one of three (3) foreclosure mediators on the Tampa Bankruptcy Court List and he has the best price. Tampa's program does not have a price limit as of yet.
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