Housing shouldn’t look at any color but the color of money

Housing shouldn’t look at any color but the color of money

People with bad credit and bad habits should be squeezed out of housing

Who is Nat Hardwick?

Former LandCastle Title CEO owns NASCAR team, rubs elbows with PGA pros

Lawsuit alleges former LandCastle Title CEO embezzled $30 million

Nat Hardwick allegedly used funds for private jets, gambling
W S

Servicing

Moody’s downgrades Ocwen’s servicer ratings

Cites increased regulatory scrutiny and force-placed insurance concerns
Ben Lane
Moody's suggests that the scrutiny from the Securities and Exchange Commission and the New York Department of Financial Services "could restrict Ocwen's activities, levy monetary fines, or take additional actions that could negatively affect the company's financial strength and servicing stability."
Read More

Roughly 20,000 Florida homeowners go unserved

Ocwen settlement deadline approaches fast
Brena Swanson
Eligible Florida borrowers have a little over two weeks to claim their share of the giant Ocwen Financial Services settlement, with just 10,244 filed claims out of 31,036 qualified Floridians.
Read More

U.S. District Court in Minnesota dismisses multiple MERS challenges

Court issues three rulings citing no break in chain of title
Trey Garrison
The U.S. District Court for the District of Minnesota issued rulings in three cases that are favorable to Mortgage Electronic Registration Systems.
Read More

Fannie Mae: Lenders ask these 4 questions about MSRs

All about transfer and execution
Jacob Gaffney
“Servicing of mortgage loans can be an important, valuable component of a lender’s business and we thought it would be helpful to address some of these topics,” writes Fannie Mae's Stephen Pawlowski.
Read More

CoreLogic: Far fewer foreclosures coming to market

Down by more than one-third
Jacob Gaffney
The monthly foreclosure report is out from mortgage data and analytics provider CoreLogic. And for those who rely on a healthy foreclosure pipeline to sell property, the results show yearly inventory is down by more than one-third.
Read More

Rushmore Loan Management Services to open branch in Puerto Rico

Expands loan servicing operations with office in San Juan
Ben Lane
The company plans to hire approximately 50-60 new employees to staff the San Juan office. According to Rushmore CEO Terry Smith, Rushmore will immediately begin servicing approximately 4,000 residential loans and REO when the branch office opens in November.
Read More

Black Knight: Foreclosure starts are up for the third consecutive month

Overall foreclosure inventory continues to fall
Trey Garrison
Foreclosure starts in July were up for the third consecutive month even as the overall inventory continues to decline, according to Black Knight Financial Services.
Read More

BofA settlement consumer relief comes with a price

Tax requirements change true financial benefit
Brena Swanson
Although $7 billion of the Bank of America settlement is going toward consumer relief, those who accept it could face some financial difficulties later due to tax requirements.
Read More

Huge tax bill for homeowners who receive BofA settlement?

The relief could be too good to be true
Ben Lane
There could be a huge tax bill coming for borrowers that accept relief as part of the $16.65 billion settlement between Bank of America and the U.S. Department of Justice.
Read More

HOPE NOW: Foreclosure sales fall to pre-bust levels

Total number of loan modifications since 2007 reaches 7.1 million
Ben Lane
The estimated 115,000 foreclosure sales in the second quarter represented a decline of 9% from the first quarter’s total of 126,000. HOPE NOW notes that the second quarter total was the lowest since it started tracking the data in 2007.
Read More