Servicing

The Government National Mortgage Association is making it easier for MBS issuers to pledge their servicing rights to obtain financing from warehouse lenders.

The Obama Administration expects to roll out a plan to lower barriers to refinancing in "the next couple of weeks," HUD Secretary Shaun Donovan told mortgage bankers at their annual convention in Chicago.

A seemingly optimistic survey showing 68% of all respondents, or seven out of 10 homeowners and six out of 10 renters, agree it is a good or very good time to buy a house does not mean much for the housing market recovery—at least for the present.

Reverse Mortgage Solutions believes mortgage brokers may be the big winners from Bank of America and Wells Fargo exiting the reverse mortgage lending arena.

Housing is "extremely important to the President," a key White House advisor told the Mortgage Bankers Annual convention in Chicago.

Equifax is teaming up with Arthur J. Gallagher & Co. to offer insurance coverage for lenders that have been stung by loan repurchase requests where hidden debts were involved.

Since being seized by the government during the financial crisis, Fannie Mae and Freddie Mac haven't been businesses so much as government-owned mortgage utilities. That status was supposed to be temporary, but three years later, lawmakers have shown little appetite for changing it.

Royal Credit Union, Eau Claire, Wisc., has agreed to acquire 4,200 mortgages with an unpaid principal balance of $600 million from a failed Minnesota bank called The RiverBank. No purchase price was disclosed.

In what is described as the first step in rebuilding the housing finance industry's tarnished image, the Mortgage Bankers Association has created a non-profit umbrella organization to support philanthropic ventures that help families and communities.

Hundreds of demonstrators picketed outside the Mortgage Bankers Association's annual convention in Chicago Monday afternoon and despite stepped up security, two made it into the convention's second general session, where they personally voiced their disapproval of lenders and how they are handling the mortgage crisis.