Servicing

On a day where the Dow Jones Industrial Average fell by almost 179 points, all but two stocks related to the mortgage banking industry were among the losers.

A New York state appeals court overturned a ruling in favor of the Mortgage Electronic Registration Systems, finding Bank of New York did not have standing to initiate a foreclosure.

In a new letter, ten Senate Democrats have asked the Comptroller of the Currency to “consider” servicing standards favored by the state attorneys general as a way to ease foreclosure conditions for struggling mortgagors.

One economist expects that there could be some temporary volatility related to and ahead of the Aug. 2 deadline to increase the U.S. debt ceiling, and mortgage market participants might want to have some contingency plans for it.

A large origination and servicing outsourcer for the UK and Ireland mortgage industry launched a private-label online self-service tool for borrowers to monitor their accounts from their lender’s websites.

It seemed like a sure bet: with the nation’s banks and securities firms saddled with hundreds of billions of dollars in delinquent loans, a fortune might be made by bottom fishing for these assets. After all, desperate sellers might be willing to get out from underneath their toxic mortgages at any price. Right?

A correspondent lender for the first time will be offering the HarmonyLoan, a mortgage that give borrowers the option to adjust their rate downward or extend the fixed-rate portion of their home financing at regular intervals.

A program aimed at helping distressed California homeowners avoid foreclosures has received additional assistance from mortgage servicers.

With its financial incentives that helps buyers close on a Fannie Mae HomePath REO property about to expire at the end of this month, the government-sponsored enterprise has extended the program through Oct. 31 with an additional bonus.

Mountain Real Estate Capital, the equity investment arm of the Mountain Real Estate Group, has closed a joint venture for an undisclosed amount with Davidson Communities to purchase one community development in San Diego.