Servicing

There were 13 of 17 members of the Mortgage Industry Equity Composite that closed higher on Monday, even as the Dow stayed flat.

PBI Bank lost a jury verdict that requires the financial institution to pay compensatory damages of $1.5 million and $5.5 million in punitive damages to a real estate developer.

The Federal Housing Administration might have lost as much as $1 billion in 2011 alone because of its poorly performing REO program, according to a new report from the Government Accountability Office.

Gateway Mortgage Group is now using Fiserv’s LoanServ mortgage servicing platform in line with the bank’s expectations to grow the home loan servicing portfolio through retail and correspondent channels.

The aggregate nonagency mortgage loan roll rates from current to delinquent have significantly improved, dropping to their lowest levels since early 2007.

Settlement of the guaranteed deal, FNA 2013-M11, is expected to occur on July 30.

In an effort to improve its member business lending processes, AltaOne Federal Credit took to the streets seeking a new vendor that wouldn't increase existing costs. It found its answer pretty close to home.

Iron Horse Auction Company has begun the first of five separate auctions to sell 169 REO assets in 29 counties in the Carolinas.

Loan Value Group has launched marketing and retention products aimed at building originations and retaining customers to counteract the recent uptick in rates.

Wells Fargo and Citigroup are laying off hundreds of employees at their mortgage units.