Servicing

Quarterly profit at CIT Group plunged after the in Livingston, N.J., company recorded $167 million in charges tied to its discontinued reverse-mortgage servicing unit.

The Consumer Financial Protection Bureau released a plan Thursday to overhaul the debt collection industry that would limit collection attempts to six per week and require confirmation of a debt before contacting consumers. The plan, however, is not yet directed at banks and credit card companies.

A lawsuit brought by the City of Miami has the potential to determine the reach of legal actions brought against lenders under the Fair Housing Act.

Walter Investment Management Corp. subsidiary Ditech Financial plans to lay off more than 100 employees in North Carolina and Texas following declines in defaults across the country.

As if high default costs haven't been challenging enough for mortgage servicers, a growing number of seriously delinquent loans are Federal Housing Administration products, which require significant upfront investment to resolve.

Prepayment speeds were lifted to a 12-month high in June thanks to historically low interest rates, according to Black Knight Financial Services.

Freddie Mac has reached a binding commitment with Chimera Investment Corp. in its pilot structured sale of seasoned loans.

EverBank Financial in Jacksonville, Fla., confirmed that it is in talks to sell itself.

Despite fears that increased compliance costs from new Consumer Financial Protection Bureau rules could drive community lenders out of the mortgage business, a watchdog report found that smaller companies remain active.

First South Bank has purchased a mortgage servicing rights portfolio of 452 Freddie Mac and Fannie Mae loans.