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Posts Tagged ‘Lender Processing Services’

Foreclosures hold steady

The imminent wave of foreclosures has still yet to strike with new numbers out from Lender Processing Services, Inc. showing that March foreclosures have stayed steady. The new data from LPS also shows that are still down from March 2011.

69,000 foreclosures were completed in March, compared to 85,000 in March 2011 and 66,000 foreclosures in February 2012.

The Los Angeles Times reports: “About 1.4 million homes, or 3.4% of all homes with a mortgage, were at some stage in the foreclosure process last month, the same as in February but down slightly compared with 1.5 million in March 2011, Santa Ana research firm CoreLogic said.”

The rate of foreclosures has slowed since last year during accusations of faulty practices and improper paperwork by lenders. Experts have predicted that foreclosures are expected to rise again since the  national settlement was reached in February. However, there has been little uptick in the number of foreclosures which could be a result of the national mortgage settlement that pushes lenders to work with troubled borrowers to avoid foreclosure.

Foreclosures still down in February – The Calm before the storm

April 5, 2012 1 comment

According to Lender Processing Services, the number of newly initiated foreclosures fell in February from January and from one year ago by around 15%. In fact, this marks the 11th straight month in which the level of foreclosure “starts” has fallen, month over month. Is this a sign of recovery?

Not likely, according to some analysts who say that banks are likely to jumpstart their foreclosures again once the $25 billion Attorney’s General settlement is finalized. However, The Wall Street Journal reports that the settlement could delay the inevitable uptick in foreclosure activity because banks still have a laundry list of requirements in the settlement.

According to the Wall Street Journal:

“Banks started the foreclosure process on 172,500 loans in February, which is the third lowest level of the past four years. Only November and December of 2011 saw lower levels of foreclosure starts.

Tuesday’s report from LPS shows that mortgage delinquencies fell to 7.6% in February, the lowest level since August 2008. Delinquencies tend to fall at the beginning of the year. Still, about 4.1% of all loans were in the foreclosure process, near the highest levels of the crisis.”

CNBC.com reports however that if the sudden stall in foreclosures is prolonged, it could lead to an overall drop in home sales, given that foreclosures are such a large share of the market. According to the National Association of Realtors, distressed sales, which include foreclosures and short sales, now make up just over one third of all existing home sales nationally, and more than half of all sales in California and other states hardest hit by the housing crash.

First Criminal Charges in Robo-Signing Case

November 21, 2011 Leave a comment

First Criminal Charges in Robo-Signing Case

Nevada’s Attorney General announced on Thursday that two Orange County title loan officers have been indicted for filing tens of thousands of improper documents in a “massive” robo-signing mortgage scheme related to Las Vegas-area foreclosures.  The indictments represent the first criminal charges filed in association with robo-signing, an illegal act of falsifying foreclosure documents.

Gary Trafford, 49, of Irvine and Geraldine Sheppard, 62, of Santa Ana were charged on 606 counts, alleging that the two supervised numerous robo-signings in Nevada between 2005 and 2008. The two title loan officers worked for the firm Lender Processing Services (LPS), a foreclosure processing company which processes loans for more than 50% of all U.S. mortgages. LPS has not been charged with anything related to the indictments but said in a statement that it is working with the authorities.

According to the indictment, defendant Gary Trafford is charged with 102 counts of offering false instruments for recording (felony); false certification on certain instruments (felony); and notarization of the signature of a person not in the presence of a notary public (misdemeanor). The indictment charges defendant Gerri Sheppard with 100 counts of offering false instruments for recording (felony); false certification on certain instruments (felony); and notarization of the signature of a person not in the presence of a notary public (misdemeanor). The indictment alleges that both defendants directed the fraudulent notarization and filing of documents which were used to initiate foreclosure on local homeowners.

These indictments are the first in what may be a long series of criminal charges in the alleged robo-signing case.