Servicing

Fitch Ratings this week downgraded its servicer rating on Ocwen Financial Corp., Atlanta, questioning its rapid expansion in servicing contracts and voicing doubts about its heavy use of offshore workers.

Only a couple of comments in this holiday week, but they are good ones. The first corrects some loose language in a Chicago ordinance, while the second identifies with the prevailing mood in the industry.

What would Congress do if it didn't have housing (and mortgage banking) to kick around? Who knows, really. Passing the payroll tax break extension was a good idea. It puts extra money in the pockets of potential mortgage customers who might use the cash to finance a home.

Five industry trade groups have sent a new letter to Federal Housing Finance Agency director Edward DeMarco, telling him – more or less – that they believe the 'fee for service' concept would be a disaster for both the industry and consumers.

Consumers soon will be paying more for government-backed mortgages now that the House and Senate have reached a deal to extend a payroll tax break for two months.

In a roundtable discussion, Lew Sichelman, senior housing correspondent for National Mortgage News, asks members of the National Association of Mortgage Brokers' executive board what they are dealing with on the legislative front.

Freddie Mac said Thursday that the average weekly rate for a 30-year mortgage has inched down to another record low.

Republic First Bancorp, Philadelphia, this week announced that it had sold $59 million of mostly problem real estate loans to a single investor, a move that goes a long way towards cleaning up its balance sheet.

MortgageKeeper, the anonymous referral service that helps lenders and counseling agencies connect struggling home owners with qualified sources of assistance, is ending the year with a bang.

The Comptroller of the Currency reported an acceleration in foreclosure actions during the third quarter as servicers lifted voluntary moratoriums implemented in late 2010 as the robosigning scandal escalated.