The latest economic and policy trends facing mortgage servicers

Join this webinar for an in-depth roundtable discussion on economic and policy trends impacting servicers as well as a look ahead at strategies servicers should employ in the next year.

2021 RealTrends Brokerage Compensation Report

For the study, RealTrends surveyed all the firms on the 2021 RealTrends 500 and Nation’s Best rankings, asking for annual compensation data for the 2020 calendar year.

A real estate professor weighs in on the future of MLSs

According to research done by Sonia Gilbukh, a real estate professor at Baruch College, there are some reasons to be concerned about the current number of real estate agents and the future of MLSs.

Lenders, it’s time to consider offering non-QM products

The non-QM market is making a comeback following a pause in 2020. As lenders rush to implement, Angel Oak is helping them adopt these new lending products.


Legal group sounds alarm on foreclosure rescue scams

Joint report looks at cost and tactics behind fraud

The Center for NYC Neighborhoods and the national Lawyers’ Committee for Civil Rights Under Law released a joint report on foreclosure rescue scams.

The report, titled “Who Can You Trust? The Foreclosure Rescue Scam Crisis in New York,” combines quantitative data on national trends from the Lawyers’ Committee and qualitative data from focus groups coordinated by the Center.

The report provides an in-depth look at foreclosure rescue scams, as well as recommendations for consumer education and enforcement actions to protect New York homeowners. 

The report highlights some shocking findings about the prevalence of foreclosure rescue scams.

As of September 2014, New York homeowners have submitted over 2,700 complaints to the Lawyers’ Committee’s Loan Modification Scam Database, while over 42,000 complaints have been submitted nationally.

New York homeowners have been conned out of an average of about $4,200 each, well above the national average of about $3,300. And that number does not begin to reflect the incalculable damage done when homeowners are derailed from reaching legitimate help—or having finally reached it, finding that they are too far behind to recover.

All told, homeowners in New York have reported total losses of $8.25 million. Nationwide, homeowners have reported total losses of almost $100 million to scammers. 

Foreclosure rescue scammers also disproportionately target minority homeowners. African American homeowners make up 8% of homeowners in New York, but represent 30% of reported foreclosure rescue scams. Similarly, Latino homeowners own 6% of homes, but are 20% of reported scam. 

The report also highlights the alarming trend of increasing attorney involvement in foreclosure rescue scams. The involvement of real or alleged attorneys in rescue scams has been on the rise, both nationally and in New York:  today, the majority of scams in New York now involve a person who is, or claims to be, an attorney. New Yorkers who were scammed by a company involving attorneys saw an average loss of $5,212 per scam—$1,437 more than the average lost in scams without attorney involvement.

Latest Articles

Existing home sales pop the 2021 housing bubble boys

So far this year, every existing home sales print has been higher in 2021 than the closing level of sales in 2020, which was 5,640,000. Even with the unhealthy home price gains that we have seen in the last two years, more Americans have bought homes with mortgages in 2020 and 2021 than any single year from 2008-2019, and this looks perfectly normal with our current demographics. HW+ Premium Content

Sep 22, 2021 By
3d rendering of a row of luxury townhouses along a street

Log In

Forgot Password?

Don't have an account? Please