Servicing

Wells Fargo & Co. and JPMorgan Chase & Co. , the behemoths of the U.S. mortgage market, are surrendering more business to nonbank lenders.

These investors complain they get little say or direct recompense in government settlements with big banks over misrepresentations of mortgage securities like the Department of Justice's $7 billion deal with Citigroup.

The Senate overwhelmingly passed a bill Thursday to extend the Terrorism Risk Insurance Act, as divisions over a competing measure continue to stymie House leaders.

Nearly five years after Bank of America dumped the Mortgage Servicing Package for technology it obtained in its acquisition of Countrywide, a forlorn Black Knight Financial Services is trying to win back the country's third-largest servicer.

MGIC Investment in Milwaukee reported a nearly fourfold jump in income for the second quarter driven primarily by lower incurred losses as new insurance increased.

Ocwen Financial has created a community advisory council to address the needs of distressed borrowers amid regulatory scrutiny of the mortgage servicer.

Carrington and Selene will take over from Bank of America as subservicers of this storied portfolio, which has atrophied from $26 billion to less than $6 billion.

American International Group will get at least $650 million in a settlement with Bank of America Corp. as the second-biggest U.S. bank seeks to end liability for faulty mortgages.

The bank has "one more sale to wrap up this quarter," its chief financial officer says.

Borrowers with a first-lien modification and home equity line of credit could face a spike in their monthly mortgage obligations when the interest rates on both loans reset next year.