Servicing

The House voted 352-66 Tuesday afternoon to pass a continuing resolution that will fund government operations, including the National Flood Insurance Program, through November 18.

Following federal and state level debates over mortgage debt management solutions one municipality is looking at internal operations and data to identify ways to reduce debt.

The reduction in the Fannie Mae/Freddie Mac loan limit could trim home sales by up to 5%, further delaying a recovery in the housing market, according to industry officials speaking at a Progressive Policy Institute conference Tuesday.

PHH Mortgage Corp., will be losing one of its largest private-label origination customers in Charles Schwab Bank, but will be adding five new clients for which it said this new business should more than offset any lost income.

Gleacher & Co. Securities Inc., New York, has hired a head of agency trading and four other managing directors as part of the ongoing expansion of its fixed income platform.

Renting to mitigate foreclosure losses is emerging as a work-intensive, yet effective solution for owners of foreclosed homes when delivered by one-stop-shop third-party servicers who offer personalized workouts.

Southwest Bank, Fort Worth, Texas, is on the verge of making its first warehouse line of credit and is catering to a small but growing segment of the market that it calls "mini-correspondents."

Foreclosure starts were 20% higher than the previous month reaching a yearly high, Lender Processing Services said in its latest Mortgage Monitor report.

In only a few years mandatory homeownership counseling before being approved for a loan modification or mortgage has become the new norm in mortgage origination and servicing. Starting this fall New Yorkers can add housing repair skills counseling and hands-on training to the list of things they may want to learn before or after deciding to own a house.

The Federal Housing Finance Agency knew as early as 2009 about potentially abusive foreclosure practices and yet failed to take action to curb them, according to a watchdog report released Tuesday.