Industry Statistics

Newly Initiated Home Retention Actions

Fourth Quarter, 2008 - The OCC and OTS Metric Report

Newly initiated home retention actions totaled 301,648 during the fourth quarter, an increase of more than 11 percent from the third quarter and an increase of more than 16 percent from the second quarter.

Industry News

New California law bans loan modification firms from demanding upfront fees (McClatchy Washington Bureau) 13 Oct, 2009 | 1:10 pm PDT -

Critics say US government\'s home rescue plan delaying, not solving ... - Lebanon Daily Star 13 Oct, 2009 | 1:16 pm PDT -

The New Mortgage Business: Loss Mitigation And Loan Modification (Investopedia via Yahoo! Finance) 9 Sep, 2009 | 12:51 pm PDT -

Geithner\'s Mortgage Shame Game - Forbes 10 Sep, 2009 | 2:16 pm PDT -

Meltdown 101: Housing help lags high expectations - The State 10 Sep, 2009 | 4:04 pm PDT -

US Home Foreclosures Set Another Record in July - CNBC 13 Aug, 2009 | 3:08 am PDT -

Foreclosures up in Riverside County - Mydesert.com 13 Aug, 2009 | 6:14 am PDT -

Dallas-area homeowners fight for mortgage loan modifications - Denton Record-Chronicle 10 Aug, 2009 | 7:51 am PDT -

The Challenges Loan Modification Companies Face

The emergence of the Loan Modification industry provides opportunities and rewards by helping assist homeowners by arranging new terms for their mortgages and making their payments more affordable. Personal accountability is now required for professionals that are engaged in the loan modification industry. Large firms, small firms, and individual professionals, must assume responsibility for their professions and careers.

Participation in this industry triggers licensing requirements, proper trust fund accounting, and an assortment of new regulatory responsibilities. Some issues that are affecting the industry today include:

How to stay abreast of Federal and State Regulatory Changes
Licensing issues: Company and Individual requirements
States that do not fully understand the modification process or how to properly and adequately regulate companies that offer these services
Absence of industry endorsement
The lack of uniform disclosures
Lack of industry leadership
Reliable and authoritative voice for the industry
An absence of advocacy for professionals in the loan modification industry
An authoritative organization that can promote the industry by highlighting companies that operate through fair and ethical businesses practices.

Since many homeowners will not qualify for the government Home Affordable Modification Plan, there must be alternatives offered. Loan modification companies can help complete all modification alternatives with success, and have proven so.

Halo Mac encourages fair and ethical business practices and promotes the loan modification industry by highlighting companies and individuals that promise to work on behalf of their clients.

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