Servicing

Over the past three years the sale of bulk servicing rights has been anemic, that is, unless Uncle Sam (namely the FDIC) has been the one doing the selling.

MERSCorp Inc., parent company of the Mortgage Electronic Registration Systems, named former CitiMortgage chairman and CEO Bill Beckmann its permanent replacement for retired president and CEO R.K. Arnold.

Moody’s Investors Service has downgraded the ratings of 184 tranches from 19 deals issued by Sequoia Mortgage Trust between 2002 and 2004, citing continuing deterioration in prime jumbo pools securitized before 2005.

A.M. Best Co. has affirmed the debt ratings of Genworth Financial Inc., but also maintained its negative outlook on the company, in large part due to its private mortgage insurance subsidiary.

The combined earnings of the 12 Federal Home Loan Banks totaled $358 million in the first quarter, up 10% from a year ago, the FHLB Office of Finance reported Friday morning.

The private mortgage insurers' cure/default ratio for March was at an all-time high, at 143.9%, according to the latest monthly data from the Mortgage Insurance Cos. of America.

The Federal Emergency Management Agency has renewed its partnership with Operation Hope Inc. in an effort “to strengthen and expand” pre-disaster financial counseling assistance to homeowners and their families so they can “recover in the shortest time possible.”

Recent collateral requirements from the European Central Bank appear to be creating, among other things, some demand for new second ratings of older mortgage-backed securities and potentially other deals.

Fannie Mae and Freddie Mac have agreed to "single track" delinquent borrowers for at least 120 days before servicers begin foreclosure processing under new loss mitigation guidelines sanctioned by the GSE regulator.

A pair of the nation's largest title insurers, First American Financial Corp. and Stewart Information Services Corp., reported net losses for the first quarter. Meanwhile, while the title insurance operations at Old Republic International Corp. were profitable, the mortgage insurance subsidiary posted an operating loss, contributing to the parent company's net loss.