Servicing

The price of being a good neighbor can be steep for banks foreclosing on condominiums and homes in planned communities.

Todd Chamberlain, a 25-year veteran of the mortgage industry and the head of residential lending at Regions Financial left the company last week to take a job with a competitor, industry officials told National Mortgage News.

The long expected boom in banks unloading their REO and nonperforming loans may finally be afoot.

A subsidiary of The PMI Group, Walnut Creek, Calif., is teaming up with the Loan Value Group, Rumson, N.J., for an incentive rewards program to make sure insured borrowers continue to make their monthly mortgage payments.

Bank of America on Monday tapped its legacy servicing chief, Terry Laughlin, as the bank’s new chief risk officer.

Foreclosure sales continue to decline and loan modifications remain nearly the same month-over-month, according to Hope Now’s May mortgage industry data.

Despite a recent uptick in national home prices, Clear Capital reported that home values are down 3.2% for the first six months this year and the real estate data firm is projecting another 2.4% fall through the second half of 2011.

The long-term rate-indicative 10-year Treasury yield dropped steeply Monday morning, moving well below 3%.

Some experts suggest that in disputes between investors and banks involving securitized residential mortgage product, investors have found it challenging to force banks to repurchase loans—a factor that could influence whether a huge settlement in this area pending at press time goes through.

The board set up to finance and operate a new state teaching hospital in New Orleans has withdrawn its request for federal enhancement of revenue bonds needed to build the $1.2 billion University Medical Center.