twitter linkedin
facebook google+

Mortgage News

News by Subject
Complete list of specialty news sections.

Purchase Subscription
Subscribe to and get immediate access to all news, statistics and archives.

Mortgage Advertising
Reach mortgage executives, loan originators and other people tied to mortgage industry.

Consumer Mortgage News
Free mortgage news for prospective borrowers.

Mortgage Newsletter
Free e-mail newsletter with the latest headlines from

Mortgage News Reprints
Put entire stories in your online or printed newsletter or publication.

Mortgage Feedget RSS code
Condensed stories free on your Web site or for your RSS reader.

News Archives
Archive of stories by month going back to 1999.

Press Releases
Reports and announcements from

Mortgage Statistics
Data and statistics for real estate finance.

Mortgage Directories
Directories of lenders, branch operators and mortgage service providers.

Mortgage Graphs
Directories of lenders, branch operators and mortgage service providers.

home subscribe advertise reprints e-mail help RSS about us LOG IN

Mortgage News


Mortgage News

HOT Topics









site map

Loan Modification News
Loan modification activity, reports and legislation.

The Modification News Station

Recent loan modification activity

December 17, 2008

By staff

Modifications on securitized loans are projected to increase next year, and one servicer is reporting success with its modified loans. Meanwhile, BankUnited has denied any involvement in a modification deal announced by a Florida firm.

Mortgage Modification Legal Network announced Monday a partnership with Nationwide Mortgage Company and BankUnited. Miami Lakes, Fla.-based Mortgage Modification said the deal involved modifying more than 7,000 loans.

"BankUnited is committed to helping borrowers stay in their homes," BankUnited Senior Vice President Eric Darmanin was quoted as saying in the announcement. "The changing economic conditions have impacted many of our borrowers and we are taking necessary steps to alleviate their situation. Our partner is the most proactive course toward alleviating the problem fast."

But BankUnited denied such a deal existed.

"There is no agreement and no deal," a BankUnited spokeswoman said in a statement to "BankUnited is not working with the company that issued the invalid press release."

Fitch Ratings reported yesterday that loan modifications on 2005, 2006 and 2007 vintage securitizations will increase 15 percent during the next 12 months. The findings were based on modifications on bank-owned loans and increased inquiries about proposed changes to transaction documents.

"To date, there have been few bank-announced foreclosure moratoriums and modification programs that will apply to securitized mortgages; the bank announcements so far apply only to mortgages owned by the bank and sitting on its balance sheet," the ratings agency stated. "However, Fitch is aware of several servicers of securitized loans who are modifying loans within the scope of existing transaction documents."

Fitch said 187,000 modifications were completed by the 14 largest banks and thrifts in the first half of this year. Pressure to ensure that borrowers on loans in securitized pools are treated the same as bank-owned loan borrowers will push modifications higher. In addition, modifications may maximize returns to residential mortgage-backed securities investors.

Fannie Mae and Freddie Mac modified 13,450 loans during the third quarter, down from 15,372 in the second quarter, the Federal Housing Finance Agency said in a statement yesterday. The year-to-date loss mitigation performance ratios at the secondary lenders increased to 55 percent from 44 percent last year.

The two government sponsored enterprises owned or guaranteed 30.7 million loans as of Sept. 30, FHFA said.

Subprime servicer Ocwen Financial Corp. reported last week that 60-day delinquency on its modified loans was 25 percent after six months. The West Palm Beach, Fla.-based firm said data from the Office of the Comptroller of the Currency indicate 53 percent of overall borrowers who have had a loan modified become at least 60 days delinquent within six months of being modified.

Ocwen said it has prevented foreclosures on 60,000 mortgages this year.

Mortgage servicers can avoid costly staff additions and outsource the modification process to National Loan Resolution Services Inc., a press release Tuesday said. The company said legal fees and related costs may be capitalized into the modified principal balance.

Servicing News | Servicer Ranking | Delinquency Statistics
Stories about mortgage servicers, delinquency and f o r e c l o s u r e s. Coverage of servicing lawsuits and loan servicing technology.

GSE News | Fannie/Freddie Share Statistics
Fannie, Freddie and FHLB news. Coverage of government sponsored enterprise regulation, operations and litigation.

Mortgage Backed Securities | MBS News | MBS Statistics
News about commercial and residential mortgage-backed securities. Stories about ratings actions and changes to servicer ratings. Studies and reports about the performance of securitizations and problem vintages and classes. Subprime, Alt-A, home equity and j u m b o analysis.

Logout forgot

SUBSCRIBERS: Edit Subscription | Subscription Help | or call 214.521.1300

Subscribe Contact Us Site Map

Copyright © 2017 Mortgage Daily, D a l l a s
Subsribers Only:

AMC directory

ARM indexes

mortgage company directory

mortgage regulations

net branch directory

p r i c i n g engine directory

wholesale lender directory

More Mortgage News Resources (full site map):

advertising news

appraisal news

bank news

biggest lenders

commercial mortgage news

corporate mortgage news

credit news

FHA news

financial regulation news

foreclosure news

GSE news

jumbo mortgage news

interest rates

loan modification news

loan originator survey

LOS Newsletter


mortgage associations

mortgage-backed securities

mortgage books

mortgage brokers

mortgage compliance

mortgage conferences

mortgage directories

mortgage education

mortgage employment

mortgage employment index

mortgage executives

mortgage fraud

mortgage fraud blog

mortgage fraud local news

Mortgage Fraud Index

Mortgage Graveyard

mortgage insurance news

mortgage lawsuits

mortgage leads

mortgage lender ranking

mortgage licenses

mortgage litigation

Mortgage Litigation Index

Mortgage Market Index

mortgage mergers

mortgage news

mortgage politics

mortgage press releases

mortgage production

mortgage public relations

mortgage rates

mortgage servicing

mortgage statistics

mortgage technology

mortgage video

mortgage Webinars

net branch

net branch directory

nonprime news

origination news

originator tools

real estate news

refinance news

reverse mortgage news

secondary marketing

social media

servicing news

subprime news

wholesale lenders