Nevada AG Sues Lender Processing Services (LPS)

DSNews reports that the Nevada AG (Catherine Corez Masto) has filed suit against, LPS alleging deceptive practices against Nevada consumers by executing fraudulent foreclosure documents. According to the AG's office, LPS required employees to notarize and execute up to 4,000 documents every day. The suit also alleges kickback fees and obstruction of communication between foreclosure attorneys and clients. 
Read the complete article at DSNews.com

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Robert Range is a REALTOR® serving Reno and Sparks, Nevada. He is certified in Short Sales and Foreclosure properties by NAR. Robert’s articles and notifications are cross-published on RobertRange.com, Examiner.com, Trulia.com, Reno Sparks Real Estate Blog, Facebook and Twitter. You are welcome to contact Robert by phone at 775-200-0658 or Email.

AB284 Drastically Reduces Lenders Ability to Foreclose

A bill recently passed by the Nevada Legislature, known as AB284, was designed to combat foreclosure abuses such as "robo-signing". The effect of this bill is already being seen in Washoe County. Notice of Defaults and Notice of Sale recordings are drastically down for the Months of October and November. Primarily due to the fact that the Lender must now file an affidavit concurrent with the Notice of Default in which the person signing for the bank must have "personal knowledge" of the property...merely having documentary evidence on the property is not enought.

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Robert Range is a REALTOR® serving Reno and Sparks, Nevada. He is certified in Short Sales and Foreclosure properties by NAR. Robert’s articles and notifications are cross-published on RobertRange.com, Trulia.com, Reno Sparks Real Estate Blog, Facebook and Twitter. You are welcome to contact Robert by phone at 775-200-0658 or Email.

Four of the largest 10 Lenders fail the Treasury's metric

Treasury Department deemed 4 of the 10 largest loan servicers in the country as needing "substantial improvement" in regards to the Making Home Affordable loan modification program.  Bank of America, JP Morgan Chase, Ocwen and Wells Fargo were the four servicers to fail the Treasury's metric.

Inman news reports that:

"In April, more than 29,000 homeowners received a trial HAMP modification and nearly 29,000 additional homeowners received a permanent modification, bringing the total number of permanent modifications under the program to nearly 700,000. Since June 2010, 70 percent of the trial modifications started have been made permanent, the report said."

and

"While we continue to get tens of thousands of new homeowners into mortgage modifications each month, we need servicers to step up their performance to meet the needs of those still struggling," said Tim Massad, acting Treasury assistant secretary for financial stability, in a statement."

Full article available at Inman News.

The other size of the largest 10 were deemed to need "moderate improvement".  This includes American Home Mortgage, CitiMortgage, GMAC, Litton Loan, OneWest and Select Portoflio Servicing.  Those six will receive their financial incentive payments - while the 4 worst will not.

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Robert Range is a REALTOR® serving Reno and Sparks, Nevada. He is certified in Short Sales and Foreclosure properties by NAR. Robert’s articles and notifications are cross-published on RobertRange.com, Examiner.com, Trulia.com, Reno Sparks Real Estate Blog, Facebook and Twitter. You are welcome to contact Robert by phone at 775-200-0658 or Email.