Servicing

SunTrust Banks Inc. is refiling documents in thousands of foreclosure cases after an internal review revealed problems in the way foreclosure proceedings were handled.

Carrington Capital Management, a former subprime securitization specialist, salvaged an impressive amount of money from its low-ranked residential mortgage-backed securities, thanks to the unusual strategies of its servicing affiliate.

Fannie Mae purchased $73.8 billion worth of mortgages from its seller/servicers during January, its weakest acquisition month since August of last year when refinancings were booming, according to figures released Monday morning.

Private mortgage insurers produced $6.4 billion in new insurance written in January, down $2 billion from December's $8.4 billion, but an improvement over the $4.2 billion written in January 2010. This is according to data collected by the Mortgage Insurance Cos. of America.

Investors and analysts have howled over specific mortgage servicers' handling of delinquent loans for years. The ratings industry generally has not.

Of the more than 150,000 paperless mortgages that have been originated since 2000, about 1,000 have gone into foreclosure, Fannie Mae is estimating.

The paperless and electronic signature technology that's been slow to catch on in the mortgage origination business is finding a place in the loss mitigation arena, according to speakers at a session of the Mortgage Bankers Association Mortgage Servicing Conference.

Thanks to a $1.3 billion check from Bank of America, Fannie Mae reported positive net operating earnings of $73 million for the fourth quarter — its first such profit since 2007.

Mortgage delinquencies have probably peaked, but not foreclosures, two economists said at the Midwinter Housing Conference in Park City, Utah, earlier this month.

Kondaur Capital Corp., one of the better-known names in the nonperforming loan space, recently lopped off almost 40% of its staff, after complaining about a lack of available product to buy—which raises an obvious question: There aren't enough delinquent mortgages out there?