Servicing

Executive Conversation: Deborah Garcia-Gratacos on servicing the Hispanic market

Deval provides bilingual documents and personnel for optimal communication
Hispanics are the fastest-growing segment of the American population, with 55.3 million Hispanics in the United States in 2014 and this is projected to grow to 30% of the population by 2060. Deval LLC discusses the unique requirements for servicing the Hispanic community.
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Black Knight: Fewer homeowners refinancing

But foreclosure starts down
Rates are near all-time lows. This should be great news for homebuyers, but despite this, homeowners are not refinancing their homes. According to a new report from Black Knight Financial Services, nearly 9 million people aren't taking advantage of this low-rate environment.
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S&P: State regulations squeeze mortgage servicing profits

But compensation rates aren’t changing
A new S&P Global report outlines the challenges facing mortgage servicers, pointing out the likely additional cost and resource allocation. As the costs increase though, servicer compensation appears to be stagnant. HousingWire continues in-depth coverage of mortgage servicer costs and compensation. Click the headline to read more.
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Experts agree mortgage servicer compensation needs to change

But how? Analysts "pessimistic" regarding the effort
The industry knows there is a gigantic problem surrounding servicer compensation. But as Laurie Goodman, codirector of the Housing Finance Policy Center with the Urban Institute, so eloquently put it at a housing policy event on Wednesday, "It is much easier to say the current system does not work than it is actually come up with something better." Could 2017 be the year this all finally changes?
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Housing industry's biggest trade groups push FHA to reconsider PACE rules

Concerned about energy improvement loans being given super priority status
Last month, the Department of Housing and Urban Development and the Federal Housing Administration announced that the FHA will soon begin insuring mortgages that also carry liens created by energy retrofit programs, as long as the energy lien remains subordinate to the mortgage. But the fine print of the new rules has the housing industry's largest trade groups concerned.
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More homeowners taking loan modifications, avoiding foreclosures

Mortgage servicers complete 400% more solutions than foreclosures
Servicers are providing more options for homeowners in danger of foreclosing. Some homeowners didn’t qualify for a long-term permanent loan modification, in which case the mortgage servicers looked for a short-term option that, in many cases, led to a permanent solution.
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Industry throws wet blanket on the digital mortgage revolution

GSE survey results show reality of mortgage business
Over the last few years, publications just like this one spilled a significant amount of ink on the digital mortgage revolution — that is the effort to take the cumbersome, paper-intensive mortgage process online. Innovations like Quicken Loans’ Rocket Mortgage show the mortgage industry is undergoing a technological shift, but just how many hurdles still need to be cleared before the industry can go fully digital? Quite a few, as it turns out.
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MBA: The most important factor for lenders in the TRID proposed changes

Responds to CFPB open-comment period
Pending a complete government shift in housing regulation, the industry is left to implement the Consumer Financial Protection Bureau’s Know Before You Owe mortgage disclosure rule. As one of the biggest voices in the industry, the Mortgage Bankers Association added to the discussion on the importance of the comment period that is now open for the CFPB’s proposed updates to the rule.
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