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Things Continue To Get Better

Data shows the foreclosure inventory declined by 25.9 percent and completed foreclosures declined by 4.9 percent compared with June 2015. The number of completed foreclosures nationwide decreased year over year from 40,000 in June 2015 to 38,000 in June 2016, representing a decrease of 67.5 percent from the peak of 117,835 in September 2010.

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The foreclosure inventory represents the number of homes at some stage of the foreclosure process and completed foreclosures reflect the total number of homes lost to foreclosure. Since the financial crisis began in September 2008, there have been approximately 6.3 million completed foreclosures nationally, and since homeownership rates peaked in the second quarter of 2004, there have been approximately 8.4 million homes lost to foreclosure.

As of June 2016, the national foreclosure inventory included approximately 375,000, or 1.0 percent, of all homes with a mortgage compared with 507,000 homes, or 1.3 percent, in June 2015. The June 2016 foreclosure inventory rate is the lowest for any month since August 2007.

CoreLogic also reports that the number of mortgages in serious delinquency (defined as 90 days or more past due including loans in foreclosure or REO) declined by 21.3 percent from June 2015 to June 2016, with 1.1 million mortgages, or 2.8 percent, in this category. The June 2016 serious delinquency rate is the lowest in nearly nine years, since September 2007.

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“Mortgage loan performance depends on the economic health of local markets, with varied differences even within a state,” said Dr. Frank Nothaft, chief economist for CoreLogic. “Within Texas, the serious delinquency rate in the Dallas metropolitan area has fallen by 0.5 percent from a year earlier, as home prices and employment have continued to rise. The rate in the Midland area, on the other hand, has jumped 0.5 percent, reflecting the weakness in oil production and job loss over the past year.”

“The impact of the inexorable reduction over the past several years in both foreclosure trends and serious delinquencies is driving the long-awaited return to more historic norms for the U.S. housing market,” said Anand Nallathambi, president and CEO of CoreLogic. “We expect the combination of continued home price appreciation of more than 5 percent and rising employment levels in the year ahead will help cement the gains we have had and perhaps accelerate them.”

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Default Services Technology Player Advances

Exceleras, creator of the DispoSolutions Real Estate Owned (REO), ValueSolutions Collateral Valuation and ClearView Offer Management platforms, released scheduled updates for its platforms this week, including upgraded workflow capabilities, new reporting options and additional task management controls. The company offers its clients improvements to its SaaS solutions on a regular basis.

“Our customers are working in markets that are changing daily and while the work they do remains largely the same, the requirements for success are easier to achieve with the right software,” said Amy Bergseth, Vice President of Operations for Exceleras. “Our customers are not expected to be satisfied with yesterday’s software. This requires our programming staff to be continuously improving the products we offer. That’s exactly what we do.”

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Exceleras develops, updates and maintains all of the software it offers to the market. The company has established a schedule of regular updates, which it shares with its customers. As new requirements come to light, they are added to the schedule.
The most recent updates to the company’s software include more intelligent workflow for tasks in the REO system, the ability for staff administrators to configure the default task ownership behavior for tasks automatically launched by the system, and numerous enhancements to the Staff List including the option to show or hide employees who are no longer on the project and to provide a new search function. In addition, the Closing Status Report has been enhanced to include additional information and pending properties.

“Constant improvement is a commitment to our customers that we take very seriously,” said Exceleras President and CEO Michael Harris. “It’s what they expect from a partner in their success. I’m pleased that Amy and her team continue to roll out valuable enhancements to our offerings on schedule. It sets us apart and the pace our technology developers are setting is very difficult for any competitor to match.”

NAACP And Owen Look To Help Underwater Borrowers

The NAACP New York State Conference, in partnership with Ocwen Financial Corporation, today announced its third local homeowner outreach event to help struggling borrowers. The “Help & Hope for Homeowners” event will be held on Saturday, September 26, 2015 in Uniondale, NY, and will offer New York homeowners the opportunity to meet with Ocwen Home Retention Agents and U.S. Department of Housing and Urban Development approved financial counselors to learn about loan modification programs, including principal reductions, that can help make their homes more affordable. This event for Ocwen customers follows successful events recently held in Chicago and Ft. Lauderdale where over 250 borrowers sought solutions.

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In August 2015, New York State Comptroller Thomas P. DiNapoli issued a report on foreclosure activity in New York, finding that “trends in both new foreclosure filings and the total number of pending foreclosure cases indicate that the problem is far from resolved.” Specifically, the downstate area outside of New York City has experienced “the greatest number of pending foreclosures, and has experienced relatively rapid growth in the number of pending foreclosure cases over the past two years.”

“Foreclosures continue to be an epidemic in communities of color. It’s a troubling reality that African Americans and other minorities continue to experience disproportionately high levels of unemployment, poverty, and foreclosures,” said Garry Anthony Johnson, NAACP New York State Conference Economic Development Chair. “The NAACP recognizes there is still work to be done throughout the New York metropolitan area to help struggling homeowners better afford their homes and remain part of their community. This is a key reason we are partnering with Ocwen – to help educate homeowners on loan modification programs, including principal reduction, which can help make homes more affordable.”

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The “Help and Hope for Homeowners” event will be held on Saturday, September 26, 2015 from 8:30 a.m. – 4:30 p.m. at the Long Island Marriott Grand Ballroom, located at 101 James Doolittle Blvd., Uniondale, NY. Admission and parking are free for all attendees. Homeowners whose loans are serviced by Ocwen are encouraged to attend this event to meet with Ocwen Home Retention Agents and housing counselors.