Servicing

Ocwen Financial Corp. said it paid $1.196 billion, or 7.4% less than originally planned, when it closed on its purchase of HomEq Servicing Corp., North Highlands, Calif., citing runoff in the company's securities and whole loan portfolio.

Recent defaults on five commercial mortgages with balances of more than $100 million caused the CMBS delinquency rate to increase 23-basis points in August to 8.48%, according to a new report from Fitch Ratings.

The head of the Philadelphia Housing Authority — the nation's fourth-largest such agency — took home more than a quarter of a million dollars last year but still had trouble paying his mortgage.

While speculation about the possibility of a "double-dip" recession continues, bond yields have risen slightly over the past week, pushing up 30-year mortgage rates by a few basis points.

Jason Gillespie, a senior vice president in the warehouse lending division of Southwest Securities FSB, has left the bank, the second senior official in the unit to depart within the past three weeks.

When Eric Peterson buys foreclosed homes through courthouse trustee sales these days, the majority of borrowers are still living in the home rent-free, waiting to be evicted.

The Federal Reserve, in its new 'Beige Book' report, says U.S. home sales are in the tank again with "evidence of very low or declining" interest from consumers in buying a house.

CoreLogic Credco has unveiled a new product called the LQ GAP report, which is designed to help residential lenders comply with Fannie Mae's 'Loan Quality Initiative' by identifying and summarizing any changes in an applicant's credit report between pre-approval and pre-funding.

The Department of Housing and Urban Development Wednesday awarded an additional $1 billion of funding to states and counties, earmarking the money for fighting the damage caused in certain neighborhoods by home foreclosures.

A new trade group that caters to the 'hard money' segment of the mortgage industry has drafted a code of ethics for its members — lenders that are privately held and cater to borrowers who can't get credit elsewhere.