Servicing

Roughly 22.1% of all residential properties – 10.7 million units -- encumbered by a mortgage were in a negative equity position at the end of September, a slight decline from mid-year, according to new figures compiled by CoreLogic, Santa Ana, Calif.

Guggenheim Partners affiliate Pillar Multifamily LLC has agreed to buy Fannie Mae eligible loans sourced by Tremont Realty Capital LLC under a correspondent agreement between the two companies.

Home prices dropped in September from August in 17 of the 20 cities tracked by the Standard & Poor's/Case-Shiller index. It was the first decline after five straight months in which at least half the cities in the survey showed monthly gains.

Citigroup's $285 million settlement with the Securities and Exchange Commission over a nonprime MBS investment was rejected Monday by a federal judge who said he hadn't been given enough facts to approve it.

Default management vendor ServiceLink, Pittsburgh, on Tuesday named Chris Azur as its new president.

United Guaranty Inc. has decided to increase its participation in the newly revised Home Affordable Refinancing Program, issuing new guidance to servicers of Fannie Mae and Freddie Mac loans.

Fannie Mae in early November cut 160 full-time workers, including a handful of vice presidents, including one with almost 30 years of service.

Kirchmeyer & Associates Inc., a Buffalo, N.Y.-based appraisal management company, is now offering its clients collateral valuation insurance which protects them against default losses including repurchase expenses. Eligible loan types include first and second mortgages as well as home equity lines of credit.

New optimism about the possibility of plans to address Europe's fiscal concerns boosted most industry stock values.

Quicken Loans says it is waiting for mortgage insurance companies to issue guidance before it starts refinancing GSE loans with existing MI policies under the new Home Affordable Refinance Program.