Caliber Home Loans will pay a $2 million fine and hand out an unknown number of mortgage modifications to borrowers in the state of Massachusetts to settle allegations that the company steered struggling homeowners into risky mortgage modifications.
For the second time in 2017, Fannie Mae is lowering the benchmark interest rate for standard mortgage modifications. Typically, Fannie Mae and Freddie Mac increase or decrease the benchmark interest rate simultaneously, but that doesn’t appear to be the case this time.
Over the last few years, technological advancements took mortgage originations from the fax machine to the smartphone — and from months of waiting to approval in minutes. Could the same thing be coming for mortgage modifications?
For the second time this month, the Federal Trade Commission announced that one of the subjects of a sweeping enforcement action from 2014 is permanently banned from operating in the mortgage loan modification and debt relief business.
As part of an effort to allow more struggling borrowers to receive a mortgage modification, Fannie Mae announced updates to its procedures, which it says will increase both the number of mortgage modifications it supports and the speed in which those modifications are completed.
Freddie Mac said that this revision will “substantially increase” the number of borrowers who qualify for standard and streamlined modifications and provide additional mortgage payment relief for certain borrowers. Will it really be a game changer?
In the second quarter of 2015, approximately 411,000 homeowners received non-foreclosure solutions from mortgage servicers, according to HOPE NOW. The total number of foreclosures keeps dwindling, and here's how they're doing it.
President Donald Trump appointed Calabria to take the helm of the FHFA on December 12, 2018. The Senate then officially confirmed Calabria in April by a vote of 52 to 44 as head of the agency. Since then, Calabria has not been silent on his plan to reform the FHFA and the entities it oversees – Fannie Mae and Freddie Mac.