Servicing

Radian Group in Philadelphia has agreed to purchase $389 million of its convertible senior notes.

The deal, called New Residential Mortgage Loan Trust 2015-1, is the company’s first of the year; it completed three last year.

When the next wave of REO activity hits, it will be heavily influenced by some of the leftover problem loans from the last downturn, as well as new defaults from more recent originations.

RealtyTrac reported 126,868 foreclosure filings last month, the highest level of activity in 19 months, driven mainly by bank repossessions and a 5% year-over-year increase in scheduled foreclosure auctions.

Six servicers were cited for a range of infractions, including a failure to respond to requests for loan modifications and not doing enough to prevent foreclosures. Punishment was harsh for Wells Fargo and HSBC, which are banned from acquiring mortgage servicing rights and entering into new servicing contracts.

Lenders continued to refinance mortgages through the Home Affordable Refinancing Program in April, the Federal Housing Finance Agency reported.

A new analysis from CoreLogic found that 254,000 homes regained equity in the first quarter, meaning there are now 44.9 million mortgaged properties (representing 90% of the total) that are above water as of March 31.

Six banks including JPMorgan Chase and Wells Fargo have been placed under further business restrictions after the Office of the Comptroller of the Currency determined they had yet to fully meet regulatory orders related to the independent foreclosure review which began in 2011.

A Virginia man on Monday pleaded guilty to federal charges tied to bogus real estate transactions conducted between 2006 and 2007.

More than a year after the CFPB revamped its employee rating system following allegations of discrimination Equal Employment Opportunity complaints have surged and the agency faces ongoing accusations of bias and retaliation against workers who speak out.