Servicing

Bank of America, which stunned the mortgage industry Tuesday by exiting the wholesale channel, says the credit quality on its broker-source loans is quite good, but it will exit the channel nonetheless.

Ohio Attorney General Richard Cordray said that on Wednesday afternoon he will unveil a civil fraud case against a "national loan servicer," charging that company with foreclosure fraud in regard to hundreds of loans in the state.

The yield on the benchmark 10-year Treasury dropped to 2.36% Wednesday from levels closer to 2.48% the day before.

In conjunction with efforts under the Making Home Affordable Program, a new initiative called Home Affordable Foreclosure Alternatives has been employed to help eligible borrowers who were not able to complete a permanent modification under HAMP or other alternative home retention options.

Prospects in the global real estate sector are "dismal" and the downturn could last for up to eight years, according to a new warning from the International Monetary Fund.

Bankers Portfolio LLC has teamed up with an aggregator to launch a correspondent channel that will purchase FHA-insured Hope for Homeowner loans on a servicing-released basis.

The National Housing Conference is urging the Treasury Department and Federal Housing Finance Agency to remove restrictions on Fannie Mae and Freddie Mac's multifamily programs.

Recent revelations that Ally Financial and Chase Home Mortgage may have been cutting corners on their foreclosure paperwork have sent the servicing industry into a panic, with new concerns being raised about massive delays in foreclosure times and a reduction in company ratings.

One of the most important aspects of selling bank-owned properties is to “know your assets,” according to David Brown, vice president, director of REO at First Horizon National Corp., Memphis, Tenn.

With Fannie Mae and Freddie Mac now requiring that all mortgage servicers review how they handle foreclosures, more questions are being raised about the impact that potentially invalid affidavits will have on the foreclosure process, on servicers and the industry overall.