St. Louis Mortgage Lending and Customer Financing News: HAMP Loan Modifications Spike

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Mortgage servicers started 40,151 permanent modifications through the government’s program in September, the highest monthly amount since May 2010. The Home Affordable Modification Program (HAMP) launched in March 2009.

Participating servicers have extended 1.7 million trials and started roughly 856,000 permanent workouts as of September, up from the 816,000 cumulative total the month before. But many different problems haunt the program.

When it first launched, servicers rushed borrowers into three-month trials before collecting all of the necessary paperwork. A backlog soon formed. By November 2009, just 31,000 borrowers made it out of the more than 759,000 trials started.

The Treasury Department shifted guidelines, requiring servicers to gather all documents before starting a trial and put in place second-look reviews to make sure all decisions during the trial were being made correctly. The backlog began to shrink.

In September, the servicers reported 19,800 trials have been active for six months or more without a decision, down from 190,400 in May 2010.

Servicers will not meet the original 3 million to 4 million borrowers originally targeted with the program. After redefaults are taken into account, the servicers may end up keeping just over 800,000 borrowers out of foreclosure, according to estimates from the Special Inspector General of the Troubled Asset Relief Program.

SIGTARP continued to press the Treasury to enforce stricter guidelines on the now $29 billion program down from the original $75 billion and said in an October report to Congress that it wasn’t too late to adopt the changes.

The Treasury has kept payments from Bank of America, JPMorgan Chase and Wells Fargo due to their poor performance in the program. It has since returned the money to Wells because of improvements made. A similar offer is extended to BofA and Chase.

HAMP modifications are still outperforming private programs. Roughly 20 percent of the 125,700 HAMP mods completed in the first quarter of 2010 were 60 or more days delinquent within one year.

But more than 34 percent of the 129,000 private workouts completed in the same quarter went two months without a payment in one year, according to recent data from the Office of the Comptroller of the Currency.

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St. Louis Refinancing Loan and Financing For Customers News: 10,000 HAFA Short Sales

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Servicers completed 10,438 short sales through the government’s Home Affordable Foreclosure Alternatives (HAFA) program since it launched in April 2010, according to the Treasury Department.

HAFA was designed to provide an incentive to servicers for completing short sales and deeds-in-lieu of foreclosure for loans that fail out of the larger Home Affordable Modification Program.

Through June, servicers started 21,412 short sales and DILs, up 20 percent from the month before. A total of 10,754 were completed, up 25 percent. JPMorgan Chase is the programs leading performer, completing nearly 3,600 through the program, including nearly 1,000 in June alone.

Wells Fargo was second, completing more than 3,100 since the program launched and roughly 700 in June. Bank of America completed 1,873 HAFA transactions, an increase of roughly 200 in the month.

Pam Marron, a senior loan officer with Gold Start Mortgage Financial Group in Tampa Bay, Florida, said more and more homeowners in negative equity view a short sale as their only way out. Many, she said, are defaulting because banks require them to do so in order to qualify for a short sale.

“The growing problem in Florida is the alarming increase in the number of short sale listings that are coming onto the market. These people are still employed but severely underwater and are having to short sale because they are not able to pay the vast difference owed between the mortgage amount and the value of these homes,” Marron said.

“Banks are requiring homeowners to default in order to qualify for the short sale.” In 22 percent of the HAFA agreements started equal to roughly 4,700 mortgages the homeowner began a HAMP  trial but later requested a HAFA agreement or was disqualified from HAMP.

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St Louis Mortgage Refinancing and Mortgage Lending News: Only 1 In 4 Get Mortgage Relief
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As HAMP slowly moves ahead, only one in four of the 2.7 million homeowners who sought to participate in the Obama administration’s signature mortgage assistance program have succeeded in getting their monthly payments reduced.

The rest failed to qualify for the program or were disqualified after they were initially accepted into the program, according to an analysis by the Wall Street Journal of data on applicants to the program newly released by the Treasury Department.

In all, about 680,000 homeowners who applied for the Home Affordable Modification Program, or HAMP, had received permanent modifications of their loans and were making timely payments or were still in the trial phase as of December 2010 according to St Louis home loan experts.

Almost 6.7 million U.S. homes were lost to foreclosure, short sales or turned back to lenders between 2000 and 2010, according to Moody’s Analytics.

Another 3.6 million could meet the same fate through 2013.

The White House launched the HAMP program in 2009 as a broad attempt to reverse the rising number of home foreclosures by reducing families’ mortgage payments, typically by lowering the interest rate and extending the term of a loan.

But the administration’s strict eligibility criteria resulted in far lower participation than expected.

Almost half of the applicants to the program, or about 1.3 million homeowners, were declared ineligible from the very start.

Applicants were most often rejected because they didn’t submit the necessary paperwork, or it was lost by their mortgage company.

Nearly 266,000 applicants were denied for this reason.

Another 255,000 were ineligible because they were considered to have affordable mortgages, defined as less than 31 percent of pretax income.

Borrowers also were turned down because they had loans for more than $730,000 or were not considered in danger of defaulting soon.

Another 770,000 homeowners started the program but were later disqualified, most for the same paperwork and eligibility problems as the applicants turned away at the outset.

Only a small number were rejected for failing to make trial payments.  Homeowners in southern states had the hardest time getting into the program and staying there.

In the four-state region of Arkansas, Louisiana, Oklahoma and Texas, about 83 percent of applying homeowners failed to complete the loan-modification process.

That proportion was 80 percent in the four-state region of Alabama, Kentucky, Mississippi and Tennessee.

Homeowners had the least trouble getting into the program in New England, where the rejection rate was 72 percent, and in western states, including Alaska, California, Hawaii, Oregon and Washington.

The program has faced sharp criticism. Neil Barofsky, the departing special inspector general overseeing the program, has faulted the administration for launching it with inadequate analysis and only partially developed guidelines.

This led to delays and confusion, and the program “continues to fall short of any meaningful standard of success,” he said a report released in January.

House Republicans have called the program a waste of money and are considering a bill this week to end the program.

“In an era of record-breaking deficits, it’s time to pull the plug on these programs that are actually doing more harm than good for struggling homeowners,” Representative Spencer Bachus (Republican, Alaska) said last week.

Contribution by the Wall Street Journal

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In addition, if you need commercial financing or a merchant account company that will save you money, Floyd Tapia and his lending and new business resources team can focus on bringing you innovative private lending solutions and financial services to meet all types of financing needs. Let us turn your challenges into closings (or from being underwater equity wise) and help you get a St Louis commercial lending, mortgage or financing loan.

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St Louis Finance and Mortgage Refinancing News: TARP Watchdog Blasts White House’s Foreclosure Programs
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In a quarterly report released to Congress, Neil Barofsky, the special inspector general for the Troubled Asset Relief Program (TARP), said the program has been a success financially, but that programs “designed to help Main Street rather than Wall Street” have been failures.

Barofsky focused part of his criticism on the Home Affordable Modification Program, known as HAMP, which is intended to help eligible homeowners avoid foreclosure by facilitating mortgage modifications with loan servicers according to St Louis finance experts.

When 2010 ended, on December 31st, there were over 500,000 ongoing permanent modifications under HAMP, with about 238,000 of those funded by and attributable to TARP which were figures Barofsky called “anemic.”

The report also blasts the Treasury Department, which oversees the program, for refusing to adopt “meaningful goals and benchmarks” for HAMP.

In addition, Barofsky says the billions of dollars that were used to bailout faltering financial institutions, such as Citibank, AIG and Bank of America, during the crisis set a dangerous precedent.

“By effectively guaranteeing these institutions against failure, they encouraged future high-risk behavior by insulating the risk-takers who had profited so greatly in the run-up to the crisis from the consequences of failure,” he wrote.

Barofsky continues: “In many ways, TARP has thus helped mix the same toxic cocktail of implicit guarantees and distorted incentives that led to disastrous consequences.”

Barofsky also faults the Dodd-Frank bill, a law passed last year that enacted sweeping reforms of the nation’s financial regulatory framework, for not being forceful enough to deal with too-big-to-fail banks.

“Unless and until institutions currently viewed as ‘too big to fail’ are either broken up so that they are no longer perceived to be a threat to the financial system, or a structure is put in place that gives adequate assurance to the market that they will be left to suffer the full consequences of their own recklessness, the prospect of more bailouts will continue to fuel more bad behavior with potentially disastrous results,” he wrote.

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Business Owners and Medical Groups: You can now offer customer financing and consumer finance programs to your customers and patients. We are the lender and have approximately $2.7 Billion dollars to loan. Best of all, there is NO risk, NO recourse and NO new equipment to lease for your and your company or medical group. Once your customer is approved, your money is in your bank account within 48 to 72 hours. Turn your credit declines into cash by calling Floyd Tapia at (314) 627-5729.

In addition, if you need commercial financing or a merchant account company that will save you money, Floyd Tapia and his lending and new business resources team can focus on bringing you innovative private lending solutions and financial services to meet all types of financing needs. Let us turn your challenges into closings (or from being underwater equity wise) and help you get a St Louis commercial lending, mortgage or financing loan.

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St Louis Finance and Mortgage Refinancing News: HAMP Found Lacking, Again
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Approximately twelve months ago, the Congressional Oversight Panel found the program HAMP to be struggling to get off the ground despite having been in action for nearly a year and a half.

The latest evaluation of the Home Affordable Modification Program (HAMP) came out and the result was the same deal.  HAMP has undergone several  tweaks since April 2010.

But the Congressional Oversight Panel, created to issue periodic reports on the TARP bailout program, found little improvement in performance according to a St Louis mortgage broker.

Instead of helping 3 million to 4 million struggling mortgage borrowers keep their homes, as originally projected, HAMP will prevent only about 700,000 to 800,000 foreclosures.

That number is dwarfed by the 8 million to 13 million foreclosures expected to occur by 2012.

Through the end of October 2010, there have been 519,648 permanent loan modifications made.

And, since the Treasury Department lost the authority to further restructure the program at the end of October, bolstering its prospects is no longer likely, the report said.

In fact, banks are offering more modifications through their own process than through the government’s.

The new report cited several reasons for the program’s failure.

For one, servicers, the companies hired by banks to manage the loans, earn extra profits through fees imposed during foreclosure.

Because of that, servicers were preventing or delaying modifications for their own monetary advantage.

Another big obstacle was that many loans in trouble often came burdened with second mortgages in the way of  home equity loans or lines of credit where those banks had to sign off on potential deals.

Because so many homes are worth less than the borrowers owe or negative equity, there is little money to cover the first loan, let alone a second mortgage.

So many banks in the second position refused to sign off unless they were paid something.

The oversight panel also faulted the Treasury for not having effective means of collecting and analyzing HAMP data.

The department, said the panel, did not even set meaningful goals against which to weigh the program’s effectiveness.

Because participation has been so limited, HAMP will probably only spend about $4 billion of the $30 billion allocated for it.

Even the loans that have been permanently modified through HAMP have not performed well.

Many have already re-defaulted, and that basically means taxpayer money down the drain.

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Business Owners and Medical Groups: You can now offer customer financing and consumer finance programs to your customers and patients. We are the lender and have approximately $2.7 Billion dollars to loan. Best of all, there is NO risk, NO recourse and NO new equipment to lease for your and your company or medical group. Once your customer is approved, your money is in your bank account within 48 to 72 hours. Turn your credit declines into cash by calling Floyd Tapia at (314) 627-5729.

In addition, if you need commercial financing or a merchant account company that will save you money, Floyd Tapia and his lending and new business resources team can focus on bringing you innovative private lending solutions and financial services to meet all types of financing needs. Let us turn your challenges into closings (or from being underwater equity wise) and help you get a St Louis commercial lending, mortgage or financing loan.

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St Louis Mortgage and Loan Reduction News: Mortgage Market Underestimating Future Defaults?
St Louis Home Mortgage and Commercial Loans | Principal Reduction Program | 877-334-0210 or 314-334-0210 | Floyd Tapia, Commercial Lending and Loan Compliance Advocate

Amherst Securities Group said the market is not taking into consideration the high likelihood of potential defaults on performing or re-performing mortgages when estimating future losses on these delinquent loans.

Mortgage-backed securities analysts at the fixed income dealer took a look at $1.3 trillion in outstanding non-agency mortgages from a year ago to see how they’re doing as of November 2010 according to St Louis mortgage lending sources.

They found that the $485 Billion of nonperforming loans, those more than 60 days delinquent, dropped to $414 billion through either loan modification or liquidation.

However, Amherst said that bucket alone does not detail the lurking risk. Re-performing borrowers stand a very good chance of re-defaulting, according to Amherst.

For the Home Affordable Modification Program (HAMP), alone, the Treasury Department has estimated a 40 percent re-default rate.

Borrowers classified as performing could very well be underwater with home prices dropping so far from their peaks in 2006.

Across all loan products, 9.9 percent of the mortgages pre-paid, compared to 13.7 percent that went into default.

“Thus, even in a year with low mortgage rates at generational lows, more loans that had never before missed two payments transitioned to default than pre-paid,” Amherst said.

The company goes on to say: “No matter how you look at it, borrowers with substantially negative equity are very vulnerable to default.”

Analysts concluded that simply looking at the amount of delinquencies will not give the market a safe estimate of what future losses might be.

“By focusing only on delinquent loans, the market is underestimating the size of the housing problem and the potential losses to bondholders if further policy actions are not taken,” Amherst said.

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Business Owners and Medical Groups: You can now offer customer financing and consumer finance programs to your customers and patients. We are the lender and have approximately $2.7 Billion dollars to loan. Best of all, there is NO risk, NO recourse and NO new equipment to lease for your and your company or medical group. Once your customer is approved, your money is in your bank account within 48 to 72 hours. Turn your credit declines into cash by calling Floyd Tapia at (314) 627-5729.

In addition, if you need commercial financing or a merchant account company that will save you money, Floyd Tapia and his lending and new business resources team can focus on bringing you innovative private lending solutions and financial services to meet all types of financing needs. Let us turn your challenges into closings (or from being underwater equity wise) and help you get a St Louis commercial lending, mortgage or financing loan.

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In-House Financing, Consumer Lending and Customer Financing

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St Louis Finance and Loan Audit News: Backlog Of Failed HAMP Trials Grows An Amazing 22 Percent
Home Mortgage and Commercial Loans | Principal Reduction Program | 877-334-0210 or 314-334-0210 | Floyd Tapia, Commercial Lending and Loan Compliance Advocate

The largest servicers participating in the Home Affordable Modification Program (HAMP) have not taken action on 266,136 delinquent mortgages that have either been canceled out of loan modification programs trials or never qualified for one as of October 2010.

This backlog has increased 22 percent since the 218,246 reported in July 2010 and no doubt higher today.

The program’s performance, considered tepidly poor to most, has been hampered by a backlog of trials formed during the early months of the program when servicers would hurry borrowers into a trial and gather documentation later.

As of November, roughly 50,000 borrowers have been in a trial for more than six months, but servicers have worked that number down from 69,000 in October, and new guidelines were put in place to gather all documentation before the trial stage.

But as of October, servicers reported more than 1.49 million canceled trials or loans that never qualified for one, according to the latest Treasury data.

Trials are canceled either because the bank never received the documents, the borrower redefaulted or was deemed ineligible for the program.

More than one-third of these loans are put through an alternative loan modification program.

In fact, nearly a half of the 562,222 canceled trials received a loan modification through the lenders’ own programs.

Others go through short sale, deed-in-lieu, an informal payment plan, or foreclosure.

Servicers started foreclosures on 208,998, or 13.2 percent, of these canceled trials and rejected applications.

But every month since July 2010, servicers have added to the backlog of these loans that are still pending action.

Bank of America still has not taken action on 73,185, the most of any servicer.

JPMorgan Chase follows with 60,612, and CitiMortgage, the servicing arm of Citigroup, holds 60,531.

Tim Massad, acting assistant secretary for financial stability at the Treasury, said in a briefing with reporters earlier in December 2010 that servicers simply weren’t prepared for the scope of the foreclosure crisis, allowing for backlogs to form in understaffed operations.

“It’s been clear all along that the servicers were not equipped to handle this problem,” Massad said.

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St Louis Lending and Loan Audit News: HAMP Is A Single Failure According To Institutional Experts
St Louis Home Mortgage and Commercial Loans | Principal Reduction Program | 877-334-0210 or 314-334-0210 | Floyd Tapia, Commercial Lending and Loan Modification Consultant

Since mid-December of 2010, the Home Affordable Modification Program (HAMP) had processed approximately 520,000 permanent loan modifications.

The panel estimated that by the time the program is finished, it will have prevented only 700,000 foreclosures over all which is quite a contrast to the three million to four million loan modifications that the Treasury anticipated when it rolled out its plan.

Experts are now saying that up to 13 million foreclosures are expected to occur by 2012.

Tim Massad, acting assistant Treasury secretary for financial stability, attributed the program’s results to three things: “The eligibility pool is smaller than we originally thought, and it has been much more difficult to contact borrowers,” he said.

He continues: “Third, the banks have not executed these programs very well.”

Kurt Eggert, a professor at Chapman University School of Law in Orange, California, said: “I think it’s clear that while HAMP was well-intentioned, it hasn’t delivered nearly enough. I think a big part of the problem is that nobody is effectively holding servicers’ feet to the fire to say, ‘Where are the loan mods that you should be delivering that help both borrowers and investors?’”

Most loan modification programs, if they can be wrangled out of lenders at all, reduce the interest rate only slightly and tack onto the mortgage all the late fees, legal fees and other questionable costs that have accrued in the foreclosure stop process.

This in the long run simply adds to the debt that borrowers must repay.

“While focusing on the safety and soundness of banking institutions, regulators have focused too little on protecting borrowers from abusive practices,” says Mr. Eggert, a law professor.

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Business Owners and Medical Groups: You can now offer customer financing and consumer finance programs to your customers and patients. We are the lender and have approximately $2.7 Billion dollars to loan. Best of all, there is NO risk, NO recourse and NO new equipment to lease for your and your company or medical group. Once your customer is approved, your money is in your bank account within 48 to 72 hours. Turn your credit declines into cash by calling Floyd Tapia at (314) 627-5729.

In addition, if you need commercial financing or a merchant account company that will save you money, Floyd Tapia and his lending and new business resources team can focus on bringing you innovative private lending solutions and financial services to meet all types of financing needs. Let us turn your challenges into closings (or from being underwater equity wise) and help you get a St Louis commercial lending, mortgage or financing loan.

Check back daily for more financial news.

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In-House Financing, Consumer Lending and Customer Financing

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Principal Reduction and Loan Audit News: Private Mortgage Modifications Sitting At 1.53 million
Home Mortgage and Commercial Loans | Principal Reduction Program | 877-334-0210 or 314-334-0210 | Floyd Tapia

Hope Now, a private sector mortgage alliance, said the mortgage industry has completed more than 1.53 million permanent loan modifications for homeowners from January through October, as St. Louis foreclosure suspensions affected foreclosure sales and starts.

For October, mortgage servicers completed about 101,000 proprietary loan modifications and 24,000 Home Affordable Modification Program, or HAMP, modifications for an estimated total of 125,000.

“There were anomalies in the October data that affected 60-day plus delinquency, as well as foreclosure, metrics which we believe may be largely attributed to widespread foreclosure delays across the country,” said Faith Schwartz, executive director of Hope Now.

Several large mortgage servicers nationwide delayed foreclosures in light of the robo-signing controversy.

Hope Now said foreclosure starts dropped 16 percent to 205,000 and sales were down more than 41 percent 69,000, respectively while the number of homeowners more than 60 days delinquent increased slightly to 3.4 million.  Here are the highlights:

-  Proprietary loan modification programs decreased by 117,000 in September compared to 101,000 in October.

-  60-plus days delinquencies increased to 3.4 million in October compared to 3.2 million in September.

-  Foreclosure starts decreased from 245,000 in September to 205,000 in October.

-  Completed foreclosure sales decreased from 118,000 in September to 69,000 in October.

-  Loan modifications outpaced foreclosure sales in October 125,000 to 69,000.

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Business Owners and Medical Groups: You can now offer customer financing and consumer finance programs to your customers and patients. We are the lender and have approximately $2.7 Billion dollars to loan. Best of all, there is NO risk, NO recourse and NO new equipment to lease for your and your company or medical group. Once your customer is approved, your money is in your bank account within 48 to 72 hours. Turn your credit declines into cash by calling Floyd Tapia at (314) 627-5729.

In addition, if you need commercial financing or a merchant account company that will save you money, Floyd Tapia and his lending and new business resources team can focus on bringing you innovative private lending solutions and financial services to meet all types of financing needs. Let us turn your challenges into closings (or from being underwater equity wise) and help you get a St Louis commercial lending, mortgage or financing loan.

Check back daily for more financial news.

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St Louis Beauty Supply and Avon – Kristin Tapia

In-House Financing, Consumer Lending and Customer Financing

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St Louis Refinancing and Loan Reduction News: HAMP May Finally Be Finished According To Housing Regulators
St Louis Home Mortgage and Commercial Loans | Principal Reduction Program | 877-334-0210 or 314-334-0210 | Floyd Tapia

“It’s safe to say that HAMP isn’t meeting its goal of preventing foreclosures,” Representative Maxine Waters  said at a House Financial Services subcommittee hearing after the Treasury provided a preview of a report by the U.S. Treasury Department.

According to the report, homeowners are dropping out of the Obama administration’s foreclosure prevention program at a faster rate than they are joining it.

Bankers, housing regulators and members of Congress agreed on this much in the second congressional hearing on foreclosure problems. Basically, the system needs fixing as many principal reduction program specialists are saying.

Borrowers aided by the Home Affordable Modification Program (HAMP) grew to nearly 520,000 in October, up 23,750 from a month earlier, the Treasury said in its monthly report.

The increase was less than five percent. A total of 36,300 borrowers have dropped out of the plan for failing to make their payments, an increase of 24 percent from a month earlier.

The Treasury and the Department of Housing and Urban Development issue monthly progress reports on HAMP, a $50 billion program authorized by Congress in 2009.

The program was targeted to reach more than 3 million homeowners by paying mortgage servicers $1,000 to rewrite loan terms and $1,000 annually as long as the borrower participates, up to three years.

The program has been faulted by lawmakers and watchdogs including Neil Barofsky, special inspector general for the Troubled Asset Relief Program, for the high number of recipients who default on mortgages after getting the government aid.

Banks seized more than 93,000 homes in October, according to Irvine, California-based data seller RealtyTrac Inc.

There were nearly 3.3 million foreclosure starts from September 2009 through September 2010, according to LPS Applied Analytics in Jacksonville, Florida.

Mortgage servicers say they are trying to balance the needs of borrowers and the demands of investors who own their loans.

“We’ve reached a crossroad between modification efforts now and the reality of foreclosure. Despite our best efforts and numerous programs, for some customers foreclosure will be unavoidable,” said Rebecca Mairone, default servicing executive for Bank of America Corp. home loans, at the House’s hearing.

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