Servicing

Application volume increased by 4.1% on a seasonally adjusted basis for the week ended Dec. 9, as rates fell to their lowest levels this year, according to the Mortgage Bankers Association.

Lawmakers raised sharp questions Tuesday about the ties between the 14 largest mortgage servicers and the purportedly independent consultants that were hired to review their practices, putting a top bank regulatory official on the defensive.

Some mortgage industry members are applauding Congressional efforts to raise the guarantee fees that Fannie Mae and Freddie Mac charge lenders, saying the increases could help bring private investors back into the mortgage market.

When the Servicemembers Civil Relief Act was enacted into law in 2003, it was supposed to prevent military personnel from losing their homes while they were protecting our country. But years later there continues to be evidence companies need to better track their compliance with it.

Realtors today face many challenges when it comes to short sale transactions due to delayed timeframes, complicated approval processes, and constantly changing compliance regulations.

After reporting a profit of $2.6 million in the third quarter, Pacific Continental Corp. in Eugene, Ore., is projecting a loss in the fourth quarter as result of expected writedowns on certain real estate loans.

New York homeowners facing financial difficulties now have the opportunity to visit two Bank of America customer assistance centers that recently opened in Brooklyn and Long Island.

The real estate firm Lincoln Property Co. purchased an office and retail complex that was in receivership for $76 million.

The Federal Open Market Committee's statement from its last meeting of the year acknowledged some slight economic growth but generally kept current stimulus, including mortgage-related programs, on a steady path.

U.S. commercial real estate market fundamentals currently look as if they will continue to stabilize going forward but it will depend to some extent on property type, location and liquidity, according to Fitch's recent structured finance outlook conference call.