Servicing

Legislation is moving forward that would more definitively exempt rating agencies from a liability that shut down securitized markets at one point last year, according to an industry trade group.

Bank of America says all those rumors about it exiting the correspondent mortgage channel are just not true.

The loan modification process needs a reboot that uses technology to help borrowers understand the process and provide faster resolution to loan files, according to panelists speaking at the Best Practices in Loss Mitigation Conference that National Mortgage News' parent company SourceMedia sponsored this week in Dallas.

Hudson City Bancorp Inc. is looking for opportunities to increase its residential mortgage originations operations to take advantage of the upcoming drop in the conforming loan limits, its top executive said. The company reported net income of $96 million for the second quarter, down from $143 million one year prior.

Delinquent loans that are 30 or more days late, but not in foreclosure totaled 8.15% in June, according to Lender Processing Services "first look" mortgage report.

Zillow completed its initial public offering, listing its common stock on the NASDAQ exchange at $20 a share.

Flagstar Bank had $1.7 billion of warehouse commitments at the end of June, a 28% jump from the same period a year ago, and a sign that originations in the primary market might be healthier than some people anticipate.

Mortgage servicer Ocwen Financial is seeking a $575 million term loan to finance its acquisition of Litton from Goldman Sachs.

The Goldman Sachs Group Inc. indicated its second quarter was a difficult one that included significantly lower results in mortgages, but it still was able to produce $1.85 diluted earnings per common share.

Carrington Mortgage Services this week received Ginnie Mae approval to issue single-family, government guaranteed mortgage-backed securities.