Servicing

Mortgage bankers funded $28.1 billion of Federal Housing Administration-backed single-family loans in December, a slight gain from the previous month.

Bank of America Friday morning reported a fourth quarter loss of $5 billion on its residential finance and insurance unit, citing $4.1 billion in representation and warranty costs tied to buybacks from Fannie Mae and Freddie Mac. In the year ago quarter its mortgage loss was $1 billion.

The nation's two largest mortgage servicers—Bank of America and Wells Fargo & Co.—are among the most sued financial service firms in the nation, according to a new tally from Institutional Risk Analytics.

Lender Processing Services Inc., Jacksonville, Fla. reported that in December the U.S. delinquency rate of loans 30 or more days past due but not in foreclosure decreased to 8.83%. This is down by 2.1% compared to the previous month and an even deeper drop, at 17.9%, on a year-over-year basis.

When it comes to the future of mortgage securitizations, it's safe to say the entire business is up for grabs, but nowhere is that more apparent than in the market for issuing bonds backed by "nonqualified" residential loans.

Investors overreacted to the fourth quarter loss posted by MGIC Investor Corp., a report from FBR Capital Markets implies.

Mortgage Industry Advisory Corp., New York, is offering for sale a $79 million package of residential servicing rights tied to Fannie Mae MBS.

Gains related to principal investments held by certain consolidated real estate funds contributed to relative improvement in Morgan Stanley’s earnings for the fourth quarter and the full year in 2010.

Appraisal management company StreetLinks LLC, Indianapolis, is introducing what it calls "an innovative approach to procuring and delivering" broker price opinion products to mortgage servicers.

Lower loan sales revenues and fewer originations helped to drive down the earnings posted by PNC Financial Services Group's residential mortgage banking segment from $435 million in 2009 to $275 million for 2010.