Servicing

Newtek Business Services Inc. has closed on the sale of $23 million of non-guaranteed portions of SBA small business loans into a securitization trust.

In the wake of an internal consolidation, Fitch has affirmed Bank of America NA’s primary residential mortgage servicer rating for prime-credit loans, but downgraded slightly its primary servicer ratings for alternative-A credit loans and home equity lines of credit.

In a letter sent to Ohio judges, the state’s Attorney General Richard Cordray has requested that its courts continue to pay close attention to foreclosure cases that may have affidavits signed by so-called robo-signers and highlighted several Common Pleas courts that have taken action to address the situation.

The high upfront fees Fannie Mae and Freddie Mac charge on certain single-family loans still do not "fully cover" all the costs and risks associated with those loan guarantees, according to Federal Housing Finance Agency acting director Edward DeMarco.

Jumbo securitization’s full-fledged return may still be a question mark but some investment banks have already invested in technology to support it, according to one executive at an automation vendor.

HomeStreet Inc., the Seattle-based holding company for a savings bank focused on single-family mortgage originations, has further extended tender offers for all of its outstanding trust preferred securities until late February.

Major servicers initiated nearly twice as many home retention actions in the third quarter than actual foreclosures but they expect foreclosures will continue to rise in the coming quarters, according to an Office the Comptroller of the Currency and Office of Thrift Supervision report.

The Financial Industry Regulatory Authority has expelled APS Financial Corp., Austin, Texas, and barred its former president and its former broker from the industry in connection with an alleged scheme involving an elderly investor and markups on collateralized mortgage obligations as well as other types of securities.

A.M. Best has slightly downgraded the financial strength rating and the issuer credit rating of National Title Insurance of NY Inc., noting that NTINY’s surplus—while positive—has not kept pace with its business growth.

Allstate Insurance Co. has sued Bank of America to recoup losses suffered from its purchase of over $700 million in Countrywide-issued mortgage-backed securities.