Servicing

Both the chief executive officer and the chairman of the board of Freddie Mac are stepping down within the next few months, the Federal Housing Finance Agency said late Wednesday.

County lawyers in Texas are setting their sights on MERS, claiming Merscorp Inc. and its subsidiary, Mortgage Electronic Registration Systems Inc., avoided paying millions in property recording fees.

Flagstar Bancorp, the nation's sixth largest wholesale originator, lost just $14 million in the third quarter, a sign that it may finally be headed toward the black after years of losses.

Philip Wegener, president of Malibu, Calif.-based Central Mortgage who has been working in the REO business for 39 years, believes he discovered the missing link to help asset managers and brokers figure out how to price bank-owned properties correctly.

To improve proof of performance inspection reporting, Spectrum Field Services will now allow all of its customers the opportunity to use Pruvan's latest smartphone certification platform.

Freddie Mac acquired $32.3 billion of mortgages from its seller/servicers during September, up 16% on a sequential basis, and its best purchase month since February, according to new figures released by the GSE.

In response to the Federal Housing Finance Agency's request for information regarding how the government-sponsored enterprises should handle their REO asset disposition, FirstService Corp. supports the idea that large-scale REO sales should go to institutional investors who have management infrastructure.

Greenlight Financial Services, Irvine, Calif., Wednesday announced that it will enter the wholesale channel and hopes to fund its first loan some time early next year.

Lender Processing Services posted net earnings of $40.5 million in the third quarter, down 49% from a year ago as increased revenue from its technology and analytics unit couldn't compensate for higher costs in its loan transaction services unit.

Residential application volume increased 4.9% on a seasonally adjusted basis for the week ending October 21, as purchase loans recovered from a 15-year low, according to new figures compiled by the Mortgage Bankers Association.