Loan modification in the United States

Nonprofit Alliance of Consumer Advocates helped a Homeowner get caught up on her mortgage and get a lower interest rate

Retrieved on:

Wednesday, June 1, 2022

U.S. federal government response to the COVID-19 pandemic, Consumer, Modification, FREE, David Horowitz (consumer advocate), Loan modification in the United States, Creditor, Environmental Modification Convention, State, ZERO, Affordable housing, Federal law, Family, Trustee Sales Guarantee, COVID19, Real estate, Insurance

COSTA MESA, Calif., June 1, 2022 /PRNewswire-PRWeb/ -- If someone is in a position where they cannot make their regular mortgage payments, a Loan Modification is a great way to save their right to homeownership and improve their financial situation. While forbearance may be a short-term solution, a loan modification will permanently modify their existing terms. For example, a lower interest rate, extended repayment period, and lower monthly payments may be the perfect solution for their financial situation.

Key Points:

For example, a lower interest rate, extended repayment period, and lower monthly payments may be the perfect solution for their financial situation.
The goal of a Loan Modification is to lower the amount of money a homeowner owes to their Lender while preventing Foreclosure.
Ms. Joanne Gallon is grateful to work with the Nonprofit Alliance of Consumer Advocates.
Mr. De La Vega, Nonprofit Alliance of Consumer Advocates, 1 8556222435, [email protected]

Refinance Lending Continues Powering Unusually Strong Home-Mortgage Activity Across U.S.

Retrieved on:

Thursday, June 3, 2021

Mortgage, Finance, Money, Personal finance, Economy, Refinancing, Banking in the United States, Subprime mortgage crisis, Super jumbo mortgage, Loan modification in the United States

The continued increase in mortgage activity during the first quarter of 2021 resulted from the latest jump in refinance mortgages, which outpaced declines in home-purchase lending and home-equity lines of credit.

Key Points:

The continued increase in mortgage activity during the first quarter of 2021 resulted from the latest jump in refinance mortgages, which outpaced declines in home-purchase lending and home-equity lines of credit.
That contrasted with home-purchase lending, which decreased 7 percent from fourth quarter of 2020 and home-equity-credit-line activity, which went down 27 percent.
"Homeowners lined up to refinance their loans in ever-growing numbers during the first quarter of 2021, making for a highly unusual quarterly increase in total lending activity for that time of year.
"Eventually, the refi side of the lending business will ease up after enough homeowners get in on the good deals.

Freddie Mac Refi Possible Available this Summer to Help Lower-Income Homeowners Benefit from Refinancing

Retrieved on:

Wednesday, May 5, 2021

Mortgage, Finance, Money, Personal finance, United States housing bubble, Refinancing, Mortgage loan, Financial services, Loan modification in the United States, FHA-Secure

b'MCLEAN, Va., May 05, 2021 (GLOBE NEWSWIRE) -- Freddie Mac (OTCQB: FMCC) today announced that Refi Possible, a new refinancing option aimed at helping lower-income homeowners, will be available in August.

Key Points:

b'MCLEAN, Va., May 05, 2021 (GLOBE NEWSWIRE) -- Freddie Mac (OTCQB: FMCC) today announced that Refi Possible, a new refinancing option aimed at helping lower-income homeowners, will be available in August.
The Freddie Mac Refi PossibleSM mortgage will help borrowers who make at or below 80% of the area median income refinance their mortgage.
Eligible borrowers with a Freddie Mac-owned single-family mortgage will benefit from a reduced interest rate and lower monthly mortgage payment, helping save an estimated $100 to $250 a month.\n\xe2\x80\x9cRefi Possible will help reach those families who would benefit most from lowering their monthly mortgage payment,\xe2\x80\x9d said Donna Corley, executive vice president and head of Single-Family at Freddie Mac.
Homeowners can review resources around refinancing\xc2\xa0at My Home by Freddie Mac\xc2\xae .\nFreddie Mac makes home possible for millions of families and individuals by providing mortgage capital to lenders.

Payix Executes New Payment Processing Agreement

Retrieved on:

Monday, March 29, 2021

Money, Finance, Loans, Economy, Loan servicing, Mortgage, Bank, Loan modification in the United States

FORT WORTH, Texas, March 29, 2021 /PRNewswire/ --Payix Incorporated announced today the execution of a payment processing agreement encompassing both ACH and CARD transactions.The agreement expands Payix's merchant services capabilities allowing Payix to provide its clients primarily lenders and loan servicers additional processing products and flexibility when considering payment solutions in conjunction with the Payix white-labeled, borrower-facing software platform.

Key Points:

FORT WORTH, Texas, March 29, 2021 /PRNewswire/ --Payix Incorporated announced today the execution of a payment processing agreement encompassing both ACH and CARD transactions.The agreement expands Payix's merchant services capabilities allowing Payix to provide its clients primarily lenders and loan servicers additional processing products and flexibility when considering payment solutions in conjunction with the Payix white-labeled, borrower-facing software platform.
("Meta") will also allow Payix to interface directly with the major card brands.
"With MetaBank's highly scalable solutions and deep processing competencies, I'm certain our clients will quickly benefit from this new relationship."
Payix ( www.payix.net ) helps lenders and loan servicers improve their ability to engage with borrowers and collect payments.

1.8 Million May Lose Their Home: Why Forbearance is a Temporary Fix for America's Backlog of Foreclosures

Retrieved on:

Tuesday, March 16, 2021

Mortgage, Money, Finance, Financial services, Forbearance, Mortgage servicer, Mortgage loan, Home insurance, Loss mitigation, Loan modification in the United States

Forbearance is when a homeowner's mortgage servicer or lender permits them to freeze their mortgage payments for a certain amount of time due to a financial situation.

Key Points:

Forbearance is when a homeowner's mortgage servicer or lender permits them to freeze their mortgage payments for a certain amount of time due to a financial situation.
Today, 1 in 5 renters are behind on rent and just over 10 million homeowners are behind on mortgage payments.
For the 2.7 million homeowners who were already facing financial struggles at the beginning of the pandemic last year and the 2.1 million currently facing mortgage delinquencies, forbearance is a temporary sigh of relief.
However, once forbearance comes to an end, some homeowner's financial situation may not be resolved.

Finance of America Reverse Introduces EquityAvail™, a Hybrid Product that Empowers Homeowners to Reinvent Their Retirement Roadmaps

Retrieved on:

Wednesday, March 10, 2021

The first-of-its-kind product will combine elements of a forward mortgage with a reverse mortgage to improve cash flow and help retirees accomplish their retirement goals.

Key Points:

The first-of-its-kind product will combine elements of a forward mortgage with a reverse mortgage to improve cash flow and help retirees accomplish their retirement goals.
The hybrid product allows qualifying homeowners to refinance their traditional mortgages and reduce their required monthly payments for 10 years.
In creating EquityAvail, FAR has invented a way to address one of the most critical problems facing elder generations in America.
As a retirement solutions company, Finance of America Reverse is committed to empowering people with the tools they need to achieve financial independence and get to work on retirement.

ClosingCorp Announces Integration With Leading Appraisal Management Company, Triserv

Retrieved on:

Tuesday, January 12, 2021

Residential Building & Real Estate, Construction & Property, Professional services, Finance, Finance, Money, Appraisal, Mortgage loan, Economy, Mortgage bank, Mortgage industry of the United States, Mortgage, The Appraisal Foundation, Loan modification in the United States, Triserv, ClosingCorp

ClosingCorp, a leading provider of residential real estate closing cost data and technology for the mortgage and real estate services industries, announced today that Triserv, a national appraisal management company (AMC) providing best-in-class appraisal and valuation solutions for banks, credit unions, mortgage bankers and servicers, is now able to receive and manage appraisal orders via the ClosingCorp Order Management platform.

Key Points:

ClosingCorp, a leading provider of residential real estate closing cost data and technology for the mortgage and real estate services industries, announced today that Triserv, a national appraisal management company (AMC) providing best-in-class appraisal and valuation solutions for banks, credit unions, mortgage bankers and servicers, is now able to receive and manage appraisal orders via the ClosingCorp Order Management platform.
The integration will provide ClosingCorp lender clients with more options to direct business to their preferred AMCs, order appraisal products in all 50 states, and receive automatic status updates.
We are pleased to announce our integration with ClosingCorp and its Order Management platform.
Triserv is a 50-state appraisal management company (AMC) providing best-in-class appraisal and valuation solutions for banks, credit unions, mortgage bankers and servicers.

NRMLA Announces 2021 Executive Officers

Retrieved on:

Friday, December 11, 2020

Mortgage, Loans, Finance, Money, Financial services, Old age, Reverse mortgage, Mortgage loan, Loan servicing, Loan modification in the United States, Mortgage insurance

Their diverse skillsets and thoughtful leadership are well-suited to help govern the association during this unprecedented time of changing market demands," says NRMLA President Steve Irwin.

Key Points:

Their diverse skillsets and thoughtful leadership are well-suited to help govern the association during this unprecedented time of changing market demands," says NRMLA President Steve Irwin.
Reverse mortgages are available to homeowners age 62 and older with significant home equity.
To date, more than 1.2 million households have utilized an FHA-insured reverse mortgage to help meet their financial needs.
For more information, please visit www.ReverseMortgage.org
The National Reverse Mortgage Lenders Association (NRMLA) is the national voice for the industry and represents the lenders, loan servicers, and housing counseling agencies responsible for more than 90 percent of reverse mortgage transactions in the United States.All NRMLA member companies commit themselves to a Code of Ethics & Professional Responsibility.

Black Knight: 2020 On Pace to See More than 9 Million Refinance Transactions; 82% of Refinancing Borrowers Not Retained

Retrieved on:

Monday, December 7, 2020

Mortgage, Personal finance, Refinancing, Banking in the United States, Finance, Money, Mortgage servicer, Financial services, United States housing bubble, Making Home Affordable, Loan modification in the United States

This month, the company looked into Q3 2020 mortgage originations with a focus on refinance lending and mortgage servicers' success in retaining the business of refinancing homeowners.

Key Points:

This month, the company looked into Q3 2020 mortgage originations with a focus on refinance lending and mortgage servicers' success in retaining the business of refinancing homeowners.
"Some 2.7 million homeowners refinanced their first-lien mortgages in the third quarter, bringing the total through September 2020 to 6.4 million.
What's more, consolidated rate lock data from Black Knight's Compass Analytics and Optimal Blue divisions suggests that number could climb above 9 million by year's end.
As of the last week of November, 19.4 million 30-year mortgage holders could likely both qualify for and benefit from a refinance.

Altisource Poised To Assist Servicers and Borrowers Post Forbearance

Retrieved on:

Tuesday, December 1, 2020

United States housing bubble, Money, Finance, Mortgage, Loans, Mortgage servicer, Foreclosure, Mortgage loan, Financial services, Loan modification in the United States, Independent foreclosure review

The solution is designed to help borrowers who are unable to meet retention requirements avoid foreclosure by assisting in the sale of their home.

Key Points:

The solution is designed to help borrowers who are unable to meet retention requirements avoid foreclosure by assisting in the sale of their home.
The program has the potential to benefit mortgage servicers by reducing the number of properties in foreclosure, thus lessening the burden on managing their delinquent portfolio.
In the end, this program can help borrowers, servicers and investors achieve the optimal outcome in these uncertain times.
Combining operational excellence with a suite of innovative services and technologies, Altisource helps solve the demands of the ever-changing markets it serves.