Servicing

Americans flush with cash as they regain equity in their homes are spending more after years of pinching pennies.

Back in the 1990s when Ed Fay graduated from business school, his goal was not to own a mortgage company, or to be the boss. Then the mortgage crisis started.

MGIC, which has a much larger inventory, only removes 1,300 loans.

Fear of missing opportunities while the market is near its bottom will drive purchases as the Federal Reserve slowly ends the quantitative easing that puts downward pressure on rates.

The foreclosure inventory as of November 2013 is made up of 812,000 homes.

Rising house prices are making it easier for second-lien borrowers to refinance.

The Prestwick Mortgage Group offering of the servicing rights on mortgage loans with an unpaid principal balance of $187 million is getting closer to deadline.

The PGA Design Center in Palm Beach Gardens, Fla., which backs a securitized $30 million mortgage sold for only $5.6 million, according to local media reports.

Through December, 31% of residential properties in the foreclosure process now have some equity.

This past year, most lenders experienced significant demand for mortgage products, driven by low rates and high refinance activity.