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Real Estate Information Archive

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Displaying blog entries 1-10 of 21

Eligible borrowers and their heirs will be able to claim uncashed payments made pursuant to the 2013 Independent Foreclosure Review Payment Agreement through their respective states' escheatment process, according to announcement from the Office of the Comptroller of the Currency (OCC) on Wednesday.

The OCC announced that any uncashed payments made pursuant to the IFR Payment Agreement will be escheated at the end of 2015 in order to allow eligible borrowers and their heirs to claim the funds.

Also on Wednesday, the OCC announced that it has terminated foreclosure-related consent orders against three national mortgage servicers that have met the consent order requirements and imposed business restrictions on six banks that have not met the requirements.

More than $2.7 billion has been distributed to more than 3.2 million eligible borrowers from OCC-supervised institutions as a result of the IFR Payment Agreement, representing about 90 percent of the amount available for distribution, according to the OCC. The agency estimates that about $280 million from OCC-supervised institutions will go unclaimed by the end of this year after all efforts to find remaining eligible borrowers have been exhausted; the escheatment of funds from uncased checks will give eligible borrowers and their heirs an additional opportunity to claim the funds.

The OCC determined that Bank of America, Citibank, and PNC bank have complied with the orders the agency issued in 2011 and the amendments it issued in 2013 and therefore the consent orders against them have been terminated.

The six institutions that the OCC determined have not met all the requirements of the IFR were (alphabetically) Everbank, HSBC Bank USA, JPMorgan Chase Bank, Santander Bank, U.S. Bank, and Wells Fargo, and therefore the OCC issued orders to restrict their business activities.

The restrictions include limitations on the acquisition of residential MSR portfolios, new contracts to perform residential mortgage servicing for other parties, the outsourcing or sub-servicing of new residential mortgage servicing activities to other parties, off-shoring new residential mortgage servicing activities, and new appointments of senior officers responsible for residential mortgage servicing. OCC said the restrictions will vary based on the individual circumstances of each bank, and the agency will continue to monitor the corrective actions for these institutions.

A spokesman for the OCC told DS News that the restrictions are meant to focus servicer action on meeting the remaining requirements in their respective consent orders, and that the restrictions will not impede consumers' access to mortgage loans.

The Independent Foreclosure Review concluded in January 2013 with 10 mortgage servicers reaching an agreement with the Fed and the OCC to pay a combined total of $8.5 billion to more than 3.8 million homeowners whose homes were in foreclosure in 2009 and 2010. The sum included $3.3 billion to be paid directly to borrowers. The claims allege that the servicers mishandled loan paperwork and robo-signed documents related to the foreclosures. The settlement totals were later increased to 15 servicers and a total of $10 billion in payments, according to the Fed.

February Market Update

by The Cope Real Estate Team

All numbers are as of today 3-9-2009 and are from the Bakersfield Multiple Listing Service under the category of single family residential (SFR).

2,403 homes active on the market      

767 of those are bank owned properties      

945 are "short sales" or pre-foreclosure sales      

1,328 are in escrow or pending sale (that is excluding anything that went pending prior to 12-1-2008)      

956 of those are bank owned properties      

170 are "short sales"      

and there were 537 homes sold or closed escrow in January 2009 with      

425 of those being bank owned and      

43 being short sales

Please feel free to call or email for any more detailed information on your neighborhood!

November Market Update

by The Cope Real Estate Team
All numbers are as of today 12-2-2008 and are from the Bakersfield Multiple Listing Service under the category of single family residential (SFR).

3,780 homes active on the market      

1,463 of those are bank owned properties      

1,169 are "short sales" or pre-foreclosure sales      

1,295 are in escrow or pending sale (that is excluding anything that went pending prior to 9-1-2008)      

975 of those are bank owned properties      

151 are "short sales"      

and there were 448 homes sold or closed escrow in October 2008 with      

336 of those being bank owned and      

41 being short sales      

Have a great day!

Client Appreciation Free Pie Day!

by The Cope Real Estate Team

The Cope Real Estate Team would like to invite you to come by and pick up a free pie on Wednesday the 26th between 12-6pm at our office located at 1500 Haggin Oaks Drive, Suite 100 Bakersfield, CA 93311.

 

In our appreciation of your past and future business we will be offering a free & delicious Thanksgiving pie from Happy Jack's Hamburger & Pie! You will have a choice of either a traditional pumpkin pie or Happy Jacks very own Rudy pie (Chocolate & Peanut Butter).

 

Please RSVP by email at Jared@871Cope.com or call with your pie choice. I look forward to seeing you all then!

Good News for Veterans!

by The Cope Real Estate Team

On September 11, the House of Representatives passed the Veterans Construction and Extension Act of 2008, which helps Veterans achieve their dreams of home ownership. The legislation provides assistance for veterans who need to refinance their Sub prime or adjustable rate loans into a safer, more affordable loan backed by the US Department of Veterans Affairs. The bill has been passed on to the Senate for finalization. If you're in the market for a home, contact us for information on FHA, VA, and other mortgage programs that might be right for you.

October Market Update

by The Cope Real Estate Team
All numbers are as of today 11-2-2008 and are from the Bakersfield Multiple Listing Service under the category of single family residential (SFR).

3,893 homes active on the market      

1,452 of those are bank owned properties      

1,234 are "short sales" or pre-foreclosure sales      

1,382 are in escrow or pending sale (that is excluding anything that went pending prior to 8-1-2008)      

992 of those are bank owned properties      

191 are "short sales"      

and there were 549 homes sold or closed escrow in October 2008 with      

371 of those being bank owned and      

65 being short sales      

Please give us a call or email with any questions or if you would like more detailed market information.

Have a great day!

August Local Market Update

by The Cope Real Estate Team
All numbers are as of today 9-22-2008 and are from the Bakersfield Multiple Listing Service under the category of single family residential (SFR).

4,002 homes active on the market       -202     From last month

1,277 of those are bank owned properties       +35

1,276 are "short sales" or pre-foreclosure sales       -78

1,518 are in escrow or pending sale (that is excluding anything that went pending prior to 6-1-2007)       -7

1000 of those are bank owned properties       +29

244 are "short sales"       +14

and there were 672 homes sold or closed escrow in August 2008 with       +44

435 of those being bank owned and       +41

56 being short sales       +14

July Local Market Update

by The Cope Real Estate Team
The July market numbers are still moving in a positive direction. A few things to keep an eye on are that July is considered the peak of the "buying season" and that the new FHA down payment assistance programs are to be stopped as of 10-1-08 (please see our blog for more details). The Bakersfield market may not be out of trouble just yet. The number of bank owned properties are continuing to increase and dominate the sold and pending categories.

All numbers are as of today 8-23-2008 and are from the Bakersfield Multiple Listing Service under the category of single family residential (SFR).

4,204 homes active on the market

1,242 of those are bank owned properties

1,354 are "short sales" or pre-foreclosure sales

1,525 are in escrow or pending sale (that is excluding anything that went pending prior to 5-1-2007)

971 of those are bank owned properties

230 are "short sales"

and there were 628 homes sold or closed escrow in July 2008 with

394 of those being bank owned and

42 being short sales

Please don't hesitate to call or email with any questions and we look forward to your comments!

June Market Update

by The Cope Real Estate Team

The June market update is positive with slightly better #'s than last month. The number of available listings is down slightly with sales and pendings on the rise. Bank owned properties are still rising though and they represent 62% of the sales last month.

All numbers are as of today 7-2-2008 and are from the Bakersfield Multiple Listing Service under the category of single family residential (SFR).

4,167 homes active on the market

1,120 of those are bank owned properties

1,236 are "short sales" or pre-foreclosure sales

1,435 are in escrow or pending sale (that is excluding anything that went pending prior to 4-1-2007)

894 of those are bank owned properties

184 are "short sales"

and there were 540 homes sold or closed escrow in June 2008 with

334 of those being bank owned and

25 being short sales

Please feel free to call or email with any questions or for more detailed information. Have a great holiday weekend!

Jared

May Market Update

by The Cope Real Estate Team

Here is the market update for May. Market conditions are continuing to improve over previous months, with the bank owned properties still dominating the market. The aggressively priced properties are getting multiple offers and in some cases selling at or above asking price.

All numbers are as of today 5-27-2008 and are from the Bakersfield Multiple Listing Service under the category of single family residential (SFR).

4,249 homes active on the market

1,070 of those are bank owned properties

1,183 are "short sales" or pre-foreclosure sales

1,404 are in escrow or pending sale (that is excluding anything that went pending prior to 3-1-2007)

826 of those are bank owned properties

168 are "short sales"

and there were 476 homes sold or closed escrow in April 2008 with

291 of those being bank owned and

28 being short sales

Please feel free to call or email with any questions or for more detailed information. Have a great day!

Jared

 

Displaying blog entries 1-10 of 21

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Contact Information

The Cope Real Estate Team
Keller Williams Realty
5601 Truxtun Ave #150
Bakersfield CA 93309
661-871-COPE(2673)
Fax: 661-670-5210

Jared Cope DRE# 01506193 | The Cope Real Estate Team