Servicing

Investors want to permanently quash Richmond’s plans.

Another bank is right-sizing its residential mortgage lending unit as volumes drop.

Currently, two trends present significant challenges to the mortgage servicing industry unlike anything seen in recent history: longer foreclosure timelines and increasing regulatory scrutiny.

The transaction consisted of loans that had a book value of $20.4 million, which were sold at a loss of approximately $10 million.

Mortgage insurer has second consecutive profitable quarter.

Despite a substantial reduction in mortgage banking revenue during the third quarter, U.S. Bancorp’s overall net income remained flat on a yearly basis.

The August Federal Housing Finance Agency Refinance report also shows Home Affordable Refinance Program refinancings have dropped by 36% over the same four-month period.

Bank of America, JPMorgan Chase, Citigroup and Wells Fargo got credit for providing $15.4 billion in relief to roughly 420,000 underwater borrowers last year, according to the settlement monitor.

Citigroup has nearly $20 billion in home equity lines of credit and it is preparing for the worst when borrowers must start paying back the home equity loans.

The Consumer Financial Protection Bureau finalized clarifications Tuesday to its mortgage servicing rules in an effort to ease concerns servicers had about communicating with struggling or bankrupt borrowers who invoke certain legal protections.