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Strong Enforcement Mechanism | National Mortgage Settlement
The success of a number of well-intentioned programs has been stalled by voluntary servicer participation and a lack of compliance oversight. The five national banks party to the settlement will be required to report compliance to an independent, outside monitor that reports to state attorneys general on a regular basis. State attorneys general and the...
- April 13 Friday, 2012
- By Administrator
- In Foreclosure
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Establishment of Loan Portal | National Mortgage Settlement
Processes have improved recently, but many members still report that lost documents requiring multiple submissions continue to cause delays. The five major servicers have agreed to consolidate information for borrowers by creating online loan portals that will provide borrows with access to information, eligibility factors for loss mitigation programs and inform borrowers of missing documentation.
- April 09 Monday, 2012
- By Administrator
- In Uncategorized
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Single Point of Contact | National Mortgage Settlement
The National Association of Realtors has long asked of servicers to establish a single point of contact for borrowers. This provision of the settlement will not only aid in maintaining consistency and coordination of loss mitigation options, but will also reduce the amount of time spent by agents and brokers discussing individual short sale files...
- April 05 Thursday, 2012
- By Administrator
- In Uncategorized
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No Dual Tracking | National Mortgage Settlement
In agreement with the National Mortgage Settlement, the five major loan servicers can no longer be able to proceed with a foreclosure sale if a short sale or deed-in-lieu of foreclosure has been approved by all parties (first lien investor, junior lien holder, mortgage insurer) and proof of funds or financing has been provided to...
- April 03 Tuesday, 2012
- By Administrator
- In Foreclosure
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Short Sale Timeline | National Mortgage Settlement
The National Mortgage Settlement contains standards for short sales that are similar to the Treasury Department’s HAFA (Home Affordable Foreclosure Alternative) program. These standards will improve the short sale process by making short sale requirements available publicly. Also part of the standards is the development of co-op programs to evaluate short sales prior to the...
- March 30 Friday, 2012
- By Administrator
- In Foreclosure
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