Servicing

There were 14 of 17 Mortgage Industry Equity Composite stocks which benefited from the better mood in the market on Wednesday.

Sergio Benitez, a real estate developer of affordable housing projects for the New York City Department of Housing Preservation and Development, was sentenced to a 22-month prison term for wire fraud.

Regulators have begun a push to significantly limit, and in some cases completely eliminate, the use of automated valuation tools in property valuation efforts.

While mortgage bankers joined customers in support of the Senate’s reconfirmation of Richard Cordray as director of the Consumer Financial Protection Bureau, challenges remain.

A 19% decline in mortgage banking revenue on a year-over-year basis is the main reason for a 3% decline in total noninterest income at U.S. Bancorp in the second quarter.

Nationstar Mortgage and Nationstar Capital Corp. are planning to sell $250 million in senior notes to generate capital, part of which will be used for future acquisitions and transfers of servicing portfolios.

Overall, revenue for Bank of America increased 3% on yearly basis from $22.2 billion in 2012 to $22.9 billion in 2Q13.

Mortgage Master also revealed other figures showing its average production per loan officer during the first half was $16 million.

Zillow Mortgage Marketplace said the 30-year fixed mortgage rate fell 15 basis points from a week earlier and is currently 4.26%.

There were 12 Mortgage Industry Equity Composite stocks which lost ground during Tuesday trading.