Servicing

Rank and file workers at the Federal Housing Finance Agency, Fannie Mae and Freddie Mac this week were told that there will be no "merit salary" increases in 2012, according to a memo provided to National Mortgage News.

With the crush of foreclosures, analysts have implored smaller banks to dump bank-owned properties, even if it means taking a big loss.

By yearend RealtyTrac reported that foreclosure activity decreased by 3% compared to the previous month, and by 14% compared to November of 2010, but that a nine-month high in scheduled foreclosure auctions suggested that a "new set of incoming foreclosure waves" may be coming. I'm not so sure I agree.

When water stops seeping through a drain and sits in a sink, a plumber typically faces a clogged-up drain. That plumber's tools include a plunger and a snake pipe. The mortgage industry's foreclosure situation is a lot like that clogged drain.

A House Financial Services subcommittee has approved a bill that would establish a foundation for a new private-label securitization market for mortgages.

Kirchmeyer & Associates, an appraisal and real estate data company, is rebranding itself as The Kirchmeyer Group and has created a new division to offer alternative valuation products.

The average weekly Freddie Mac survey rate for the 30-year fixed rate mortgage dropped 5 basis points during the week ending Dec. 15, returning to its record low of 3.94% for the first time since the week ending Oct. 6.

The Mortgage Bankers Association said it is now adamantly opposed to any radical change in servicing compensation and has launched a "call to action" campaign, urging its members to heavily lobby the Federal Housing Finance Agency.

Foreclosure filings involving default notices, scheduled auctions and bank repossessions were down 3% in November across the country from the previous month, according to RealtyTrac's latest foreclosure report.

The Comptroller of the Currency is advising banks to review their foreclosure policies and procedures, urging them to address the risks associated with taking possession of homes, acquiring the properties and becoming the actual owner.