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.

Steve Murray on the importance of protecting property rights

In this episode, Steve Murray, RealTrends advisor and industry stalwart, discusses some of the issues facing private property rights, including how a case in Germany could potentially affect U.S. legislation.

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.

Mortgage

Massachusetts foreclosure filings hit 2012 low

Massachusetts homeowners received the fewest amount of foreclosures this year in July, in anticipation of new state requirements.

Mortgage servicers in the state started fewer than 1,200 foreclosures in July, down 17% from the month before and below the previous low this year of 1,333 in January, according to The Warren Group, a real estate publication that tracks filings in the state.

Banks faced new rules all summer not just from the $25 billion mortgage servicing settlement signed in March but even tighter requirements from a bill winding through the Massachusetts state legislature. Gov. Deval Patrick signed the bill into law in August.

Mortgage servicers will be required by law to prove who owns the loans before taking a foreclosure action. The new law also makes it a crime for a servicer to misrepresent a filing in a state or federal court. Certain fees and business referrals to third parties for foreclosure work is also prohibited.

Like the settlement standards, the new law requires servicers to consider a borrower for either a modification, short sale or deed-in-lieu before filing the foreclosure.

Warren Group CEO Timothy Warren Jr. said more homeowners are taking advantage of the opportunity.

“Foreclosure activity has been fluctuating for the past year or so – slowing after several banks delayed and examined their own proceedings, and then ramping back up,” Warren said. “It appears we’re seeing a clearer picture now – less starts and deeds which means homeowners are making payments and working out defaults through short sales and loan modifications.”

jprior@housingwire.com

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