Two of the three major nonbank servicers are sticking by plans to acquire portfolios from banks this year, in spite of regulatory scrutiny and concern they are growing too fast.
Woodward Asset Capital has started a real estate brokerage brand catering specifically to property sellers, including banks and mortgage servicers unloading foreclosed homes.
The National Fair Housing Alliance is accelerating efforts to force mortgage lenders, servicers and trustees to do a better job of maintaining foreclosed properties in minority neighborhoods.
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.
Freddie Mac will return $10.4 billion in profits to the Treasury Department next month, bringing total payments to about $10 billion above what it got in aid under conservatorship.
A "tangled web of conflicts could create incentives that harm borrowers and push homeowners unduly into foreclosure," Benjamin Lawsky warns.
The fate of a measure that provided key tax relief to distressed homeowners is hanging in the balance as Congress debates a larger package of tax extenders.
A founding executive of the upstart company is leaving his post as executive vice president.
The lawsuit claims the bank failed to maintain and market foreclosed homes in minority neighborhoods in Chicago, Memphis and Washington, in violation of the Fair Housing Act.
Jumbo mortgages currently are yielding less than agency loans, and there are other anomalies you can see in the business if you look closely.
"We are seeing less interest from institutional buyers" of foreclosed properties, says Fannie chief executive Timothy Mayopoulos.
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.
The loans have better-than-average credit and home equity metrics, according to Standard & Poor's. The deal lacks fraud-related representations and warranties, but all loans are performing, DBRS finds.
It's clear regulation has replaced credit risk as the industry's top worry. Here are some suggestions for dealing with the new environment from attendees at this week's MBA servicing conference.
Two Florida men have been sentenced to serve seven years in federal prison for swindling more than $4 million from borrowers who were behind on their mortgages.