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A foreclosed home in Cleveland. Photo: Bloomberg News

Speeding Up Vacant-Home Foreclosures Could Save Big: Fed

In the judicial foreclosure states of Ohio and Pennsylvania, savings for various stakeholders could amount to at least $24 million annually, researchers at the Cleveland Fed estimate.
REO
Servicing

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AIG Unit Noticeably Absent from New Mortgage Insurance Lobby

USMI, the new trade group being formed to replace the Mortgage Insurance Companies of America, will include all of the active carriers in the industry – except AIG's United Guaranty.

HSBC, Wells Fargo Settle Forced Property Insurance Lawsuits

HSBC Holdings and Wells Fargo agreed to settle lawsuits by mortgage holders who alleged they were forced to pay for property insurance at inflated rates.

Call for Nominations: Top 50 Service Providers 2014

Mortgage Technology is pleased to begin accepting nominations for the 2014 Top 50 Service Providers.

The nomination form is available on MT's website.

Home Equity Lending Ticks Up as Refis Plummet: Black Knight

Home equity lending increased for the first time last year but overall mortgage originations in January were the lowest since November 2008, according to Black Knight Financial Services.

N.Y.'s Lawsky Now Targeting Mortgage Servicer Nationstar

After halting an Ocwen deal to purchase mortgage-servicing rights from Wells Fargo, New York's Department of Financial Services is turning its attention to another nonbank servicer, Nationstar.

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Rebecca Walzak

Law Could Force Lenders to Force-Place More Insurance Policies

A jump in lender-paid policies would come at an inopportune time for the industry, which faces new regulatory requirements for such insurance, underscoring the need to educate borrowers why it is necessary.
Regulation
Servicing

An oil pumpjack just outside Watford City, North Dakota. Photo: Bloomberg News
Fracking Boom Makes North Dakota Mortgages Super-Safe
At least one mortgage category in North Dakota has fewer delinquent borrowers than graduates in my high school class. A lot fewer.

Rep. Maxine Waters has asked regulators to 'carefully scrutinize the sale of mortgage servicing rights from banks to nonbank servicers.'
Are Regulators Driving Banks Out of Mortgage Servicing?
Rules enacted last year appear to be steadily forcing banks to exit the mortgage servicing business, transferring such rights to nonbanks. The situation is stoking fears on Capitol Hill and elsewhere that regulators went too far.

Thinkstock
Why Did This Servicer Sell Current Loans Along with Bad Ones?
Real estate mortgage investment conduit rules generally discourage non-distressed securitized loan sales, but SN Servicing says it had reasons to sell some at a loss in this 2002 scratch-and-dent deal.

New players will not succeed 'if they do not evaluate their operations and staff,' says Monica Orluk of Fiserv.
Small Servicers' Options: Grow or Die
Mortgage servicing has long been a scale business, but rising compliance costs are now threatening the survival of smaller operations that lack efficient systems or staff expertise, industry experts say.
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