Servicing

A new collaboration between FICO and CoreLogic, two of the nation’s largest risk scoring data providers, plans to upgrade existing mortgage credit risk scoring models and consequently pave the way for broader access to multiscore rating benchmarks.

Citigroup reported a 50% jump in residential mortgage originations in the third quarter along with a large writedown related to mortgage servicing rights.

Historically low interest rates sparked an increase in refinance mortgage applications that helped Wells Fargo originate $89 billion in new residential loans during the third quarter of 2011. But troubled existing loans continue to impact results, with a 61% increase in Wells Fargo's mortgage repurchase provision.

Standard & Poor's today cut its projection of U.S. CMBS issuance in 2012 to $35 billion from $45 billion. That would translate to flat growth from this year's estimate. The agency reduced its forecast thanks to three consecutive months of rising spreads, an uncertain economic outlook and a slowdown in origination by lenders.

Master servicers have been instrumental in dealing with the robosigning debacle in existing securitization deals, said participants at Information Management Network's ABS East Conference on Sunday.

The question of what should be done with Fannie Mae and Freddie Mac is drawing wildly different opinions.

Loan servicer C-III Capital Partners LLC has committed to put $10 million into commercial real estate services firm Grubb & Ellis Co., by investing in a line of credit issued earlier this year by Colony Capital LLC.

Real estate reseller Lenders Clearing House Las Vegas has been chosen to participate in the Neighborhood Stabilization Program to work with local banks in reducing their large REO inventories in order to revitalize the region's foreclosure market.

Residential lenders issued $350.3 billion of Ginnie Mae MBS in fiscal year 2011, down 15% from the previous fiscal year, according to new figures released by the Government National Mortgage Association.

Home sales fell in September after rising all summer, including a 4% increase in August, according to the Re/Max National Housing Report.