Servicing

Creative collaboration is the name of the game going forward.Foreclosures “likely to remain a significant challenge” for the coming 18 to 24 months are pressing the mortgage industry to come up with new collaborations, technology and strategies “to keep up.” And one way to do that is by facilitating REO sales for socially motivated buyers.

USA Federal Credit Union, a small CU chartered to serve Navy personnel in the San Diego area, said it will be bought by Navy Federal Credit Union, one of several bidders for the ailing institution.

Fannie Mae has established new foreclosure timeframes for four states – Florida, Maryland, Nevada and New York – telling seller/servicers they face potentially steep fines if they cannot complete the task.

Mortgage insurer Radian Group said its inventory of delinquent loans has fallen for eight consecutive months, but expressed concerns regarding where the trend might be headed in the fourth quarter.

Michael Barr, assistant Treasury secretary for financial institutions, and Edward DeMarco, acting director of the Federal Housing Finance Agency, will testify before the House Financial Services Subcommittee Wednesday regarding the future of Fannie Mae and Freddie Mac.

What a difference two years make. Fannie Mae cleared 123 new Florida condominiums for financing in the first eight months of 2010, according to Condo Vultures.

The California Department of Financial Institutions is urging financial institutions to review their lending policies in order to grant "appropriate latitude" to existing customers, including mortgagors, affected by the San Bruno gas leak explosion that occurred late last week.

Bank loans have been shrinking since the first quarter of 2009, and holdings of debt securities have filled some of the hole.

Capstead Mortgage, Dallas, a publicly traded REIT that invests in agency MBS, cut its third quarter dividend by 28%, down $0.26 per share.

Foreclosures mandated by the government-controlled Fannie Mae and Freddie Mac jumped by 12% in the second quarter to 275,000 units, according to new figures released Friday.